At X yesterday, employees learned about private equity from Morgan Stanley, whose Shareworks platform is managing the restricted stock units Elon Musk has finally begun distributing. This marks a big change for the company. X used to be called Twitter and was a publicly traded company. Now it is private and owned by Elon Musk.
Elon Musk is now fully in charge of X. Documents show he controls decision-making through his special class of shares. He can hire and fire board members if he chooses to have a board. This makes Elon Musk the boss of the company.
Before, Twitter had an independent board of directors to oversee things. Now it is just Elon Musk running the show as the sole owner. X is incorporated in Nevada instead of Delaware like Twitter used to be. Its legal address is a PO Box in Austin, Texas.
If you read about the last employee town hall meeting with Elon Musk and Linda Yaccarino, it is clear Musk is the one calling the shots. As the main shareholder, the company belongs to him. Anyone who owns part of X must follow his rules as the sole director.
Major changes are happening at X under its new leadership. Only time will tell what direction Elon Musk will take the company and if he can successfully transform Twitter into his vision for X. Employees and the public will be watching to see how it all unfolds.
