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In the same week that Elon Musk took over Twitter and ousted its top executives, the billionaire has now booted the board of directors. Meanwhile, Dogecoin has doubled in price.
In a securities filing on Oct. 31, Twitter stated that its nine members of the board of directors were no longer in that position.
It was always Elon Musk’s intention to become the sole director of the micro-blogging platform, according to the document.
The board dissolution was disclosed in a broader securities filing, according to the WSJ. It also detailed other formalities as part of the deal closing.
These included debt repayment under a revolving credit agreement. Additionally, there was a share delisting notice that they were converted into a “right to receive the merger consideration of $54.20 a share.”