The platform noted in a securities filing on Oct. 31 that nine members of its board of directors were no longer in that role.

According to the document, Elon Musk's intention has always been to become the sole director of the microblogging platform.

According to the Wall Street Journal, the board disintegration was revealed in a broader securities filing. It also outlined other formalities associated with the transaction's closing.

Debt repayment under a rotating credit agreement was one of them. A share delisting notice also stated that the shares had been converted into a right to get the merger consideration of $54.20 per share.

In his first move as CEO, Elon Musk dismissed CEO Parag Agrawal, CFO Ned Segal, and head of legal policy Vijaya Gadde last week.

Binance CEO comments on Twitter

On CNBC's Squawk Box on October 31, Binance CEO Changpeng Zhao defended his choice to support the takeover. The social media platform has received a $500 million investment from the company. He described Twitter as a "free speech platform" he frequently uses.

He also said he would like to help bring Twitter to Web3 and assist with other issues. These include charging for memberships, which can be helped facilitated by cryptocurrency payments, according to CZ.

Binance's CEO stated that they were in it for the long haul. So market movements in company values or cryptocurrency prices are unimportant. The takeover has also had significant political ramifications. According to American author Matt Walsh, who has 1.1 million followers, the government is using social media to censor free speech.

What are your thoughts on Elon Musk’s decision to boot the entire Twitter board? Drop your comments by sharing this article on social media. 

Posted 
Oct 31, 2022
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