In a dramatic turn of events, Elon Musk has officially taken Twitter private, leading to the immediate dismissal of its board of directors. The announcement was confirmed by outgoing board chair Brett Taylor, who tweeted about the agreement reached between Musk and the board. This shift marks a significant change in leadership and governance for the social media giant.

Musk’s acquisition, valued at $54.20 per share, comes after he initially purchased a 9.2 percent stake in Twitter for approximately $2.9 billion. Tensions escalated when the board attempted to implement a “poison pill” strategy to thwart Musk’s takeover, a move that was not supported by co-founder Jack Dorsey. As a result of these conflicts, Musk publicly challenged the board’s authority, emphasizing that shareholders should ultimately decide the company’s fate.

With the board now dissolved, the financial implications are substantial. Dorsey stands to gain nearly $1 billion, while former CEO Parag Agrawal could see a payout of $39 million. Brett Taylor will receive over $3 million, and Omid Kordestani is set to take home $50.6 million. The Vanguard Group, a major shareholder, is expected to receive approximately $4.5 billion due to their 10.3 percent stake.

Despite the board’s removal, Musk has indicated that he will establish a new board, which must consist of at least one and can have up to 50 members. Though he is likely to assume a leadership role as chairman, it remains uncertain if he will take on the CEO position, given his commitments to other ventures like Tesla and SpaceX. There is speculation that Dorsey may return to a board role, leveraging his extensive experience with the platform.

As Musk embarks on this new chapter, the tech community watches closely to see how these changes will reshape Twitter’s future and governance. This takeover signals a bold new era for the platform, with the potential for significant operational and strategic transformations under Musk’s vision.