Elon Musk has dissolved the board of directors of Twitter and, in fact, has become the only leader of the social network that he just bought, according to official documents presented on Monday to the authority of the American market, the SEC, by the group of California.
When he made his takeover offer in April, the head of Tesla and SpaceX immediately made it clear that he intended to take Twitter off the stock market and thus no longer have the same accountability as listed companies. bag. The deal took six months to complete, after several U-turns by Elon Musk, acrimonious exchanges with Parag Agrawal and other executives, and the launch of lawsuits by Twitter that almost resulted in a landslide lawsuit in mid-October.
Creation of a “content moderator board”
The richest man in the world wasted no time in taking control of the platform where he is followed by more than 112 million people. The capricious leader, who renamed himself “Chief Twit” on his profile (“twit” means “moron” in English), brought in Tesla engineers to examine the work of Twitter employees and carried out layoffs. .
He tried to reassure advertisers, the group’s main source of income, by assuring them that Twitter would not turn “hell” and announcing the forthcoming formation of a “content moderation board”. At the same time, she promised users that people who had been “suspended for minor or questionable reasons” would be “released from Twitter prison.”
Repurchase of all Twitter-issued bonds still outstanding
His new company also offered to buy back all outstanding Twitter-issued bonds, according to the SEC filing. Elon Musk financed the transaction with his personal fortune, contributions from investment funds and other large fortunes, as well as bank loans that the blue bird company must repay.
According to another document filed with the SEC, Saudi Prince Al-Waleed Bin Talal became the site’s second largest shareholder. The businessman, who had initially rejected Elon Musk’s offer as too low compared to the “intrinsic value of Twitter”, finally brought him the almost 35 million shares he already owned. “Dear friend ‘Chief Twit’ @elonmusk. Together till the end @Twitter,” Al-Waleed Bin Talal tweeted Friday with a “handshake” emoji, in response to Elon Musk’s “Bird is release” tweet.
Source: BFM TV
