Musk Dissolves Twitter Board and Is Company’s Only Director

Twitter’s new management took another restructuring step Monday (Oct. 31) when Elon Musk let all nine members of the board of directors go.

With this major reorganization of the social media site’s leadership, Musk has become the sole director of the company, according to multiple reports.

The board’s dissolving was disclosed in a broad SEC filing, which also added further details on how Twitter is repaying debt under a revolving credit agreement.

According to the filing, “the following persons, who were directors of Twitter prior to the effective time of the Merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou.”

Employees at Twitter are also bracing for massive job cuts over the next few weeks. The company’s employees are due to receive stock grants on Nov. 1, which constitute part of their pay, and would be afforded to them in the event that an employee is let go from the company after that date.

Musk’s Twitter takeover means not only a shake-up for social media platforms, but also for the use of cryptocurrencies for payments on social media.

Twitter and Stripe already have partnered for cryptocurrency support, and with the memecoin-savvy Musk at the helm, it opens the possibility for more cryptocurrencies to be used on the social media platform in the future.

Musk also unveiled new plans for the platform’s subscription service.

Read more: Twitter Looks to Hike Subscription Costs

According to reports on Sunday (Oct. 30), Twitter raised the subscription price for its Twitter Blue plan from $4.99 to $19.99, and is also considering a plan that would give verified users — “blue checkmarks,” in the platform’s parlance — 90 days to subscribe or lose their status.