According to records produced on Monday before the US Securities and Exchange Commission, Elon Musk, the sole director of Twitter, and his board of directors were disbanded after the billion-dollar acquisition of the massive social networking site.
The records stated that on October 27, when it became “Master of the Single Director of Twitter,” the “integration process” was “completed,” and the whole board of directors, including CEO Parag Agrouwal, was disbanded.
Musk, who also headed the “Tesla” and “Spice X” companies, expressed the initial offer to buy Twitter in April, his desire to withdraw the company from trading in the stock market because this helps him to provide less general statements to organizational bodies.
A court in Dilayer was requested by Elon Musk’s defence team to dismiss the Twitter case against the billionaire once the settlement was reached, according to court records.
“The commercial process outlined in the integration agreement dated April 25, 2022 was terminated by the defendants and Twitter yesterday evening. ”
The letter continued, “In light of this development, the defendants and Twitter agreed to withdraw their claims and counter-allegations.
Musk tried to back out of the arrangement he reached to purchase the website, and Twitter launched a case against him in the Dillauir Court.
Musk, though, resurrected the agreement that resulted in the acquisition of the blue site for $54 per share as the trial in October drew near.
According to another document included in the file submitted to the American Exchange Commission, the prince and Saudi businessman Al -Walid bin Talal became the second largest shareholder on the site.
Al-Walid bin Talal first declined to make Elon Musk an offer to buy Twitter since the price was so cheap compared to the “basic value” of the website. Eventually, he agreed to contribute his 35 million shares to the deal.
The Saudi prince wrote on Twitter last Friday, “My dear friend, the president of Twitter,” accompanied the greeting with a statement announcing the termination of the transfer of his share in Twitter shares to the new Twitter company, adding, “Together along the way. “.
Elon Musk dissolves the Twitter board and runs the website in a distinctive way.
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