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Elon Musk dissolves Twitter’s board and makes himself ‘sole director’

Elon Musk has dissolved Twitter’s board of directors which makes him the ‘sole director’ of the social media – as he plans to ‘fire a quarter of the workforce.

A securities filing lodged on Monday states that all previous members of the board are no longer directors ‘in accordance with the terms of the merger agreement’.

The Tesla CEO, who has given himself the title of ‘Chief Twit’, fired four executives shortly after taking over, who had been owed millions under the merger agreement.

Former CEO Parag Agrawal had been set to received up to $60million alone, but Musk sacked them all ‘for cause’ – though it is unclear his reasons behind the move.

It is possible the firings could void the payout agreement, but the executives are ‘deliberating’ their next steps.

Agrawal and chairman Bret Taylor are no longer on the board of directors after Musk’s $44bn takeover.

Martha Lane Fox, Omid Kordestani and David Rosenblatt have also been ousted from their positions after the SpaceX chief’s overhaul.

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