The head of Tesla can now also speak on Twitter: an advisory and control committee must resign.
Billionaire Elon Musk has dissolved the short messaging service’s board of directors after taking over Twitter and firing top management. The head of electric car maker Tesla and the world’s richest man is now the “sole director” of the online platform, according to a statement from the US Securities and Exchange Commission on Monday. The previous nine directors, including board chairman Bret Taylor, would no longer hold their positions.
The board of directors of American companies is a mixture of a board of directors and a supervisory board, as is the case with German joint-stock companies. The functions of the body include, among others, the selection, advice and control of senior management, as well as fundamental decisions on the direction and development of the company.
Musk took over Twitter last Thursday after months of disputes over $44 billion (about €44 billion) and immediately fired the short message service’s chief, Parag Agrawal, and other key managers.
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