Twitter rejects resignation of Musk ally Durban after shareholders block his re-election

Two days after Twitter shareholders blocked the reelection of Elon Musk ally Egon Durban, the company said in a filing that it would not accept his resignation from the board.

Due to “some institutional investors’ “voting policies regarding limitations on board services”, Durban did not receive majority support in the re-election held earlier this week according to Twitter.

Shareholders said Durban could not reduce his board service commitments because he already sits on the boards of six other companies.

That’s why she didn’t re-elect him despite bringing “unparalleled working knowledge of the industry” and being an “effective member” of the board.

Billionaire Elon Musk, who is the richest man in the world, had offered a cash deal worth $44 billion to buy tech giant Twitter.

Tech experts say the shareholder lockout could indicate shareholder skepticism of Musk’s plan or his willingness to pay for what he offered.

Interestingly, Durban has a history of helping Musk by funding his projects. He is co-CEO of Silver Lake Partners and not only helped Musk raise money for his deal on Twitter, but also offered to help him when he considered a $72 billion bid to take the carmaker private. electrical Tesla Inc.

Musk had announced on Twitter that his deal to acquire a social media platform was “temporarily on hold” while he sought more information on the proportion of fake accounts on the microblogging site.

The U.S. Securities and Exchange Commission (SEC), with which Musk has a conflicting track record, asked Tesla’s CEO to explain an apparent delay in reporting his stock purchases on Twitter.

In 2018, the SEC imposed a massive fine of $20 million each on Musk and Tesla for misleading shareholders by telling them he had “obtained” financing to take the company private.

(With agency contributions)


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