Beijing time on May 26 news, Twitter shareholders voted on Wednesday to decideEgon Durban, co-CEO and managing director of private equity firm Silver Lake Capital, was kicked off the board. Twitter is currently in difficult negotiations with would-be buyer Elon Musk.
Meanwhile, Twitter co-founder and former CEO Jack Dorsey also steps down as Twitter director. Since stepping down as Twitter CEO last year to focus on payments company Block, Dorsey has gradually distanced himself from Twitter. His retirement is also planned. Twitter has previously stated,Dorsey will remain on the board “until his term ends at the 2022 shareholder meeting”. Plus, he’s friends with Musk, calling him the only “solution” for Twitter’s future.
The Durban-based company has worked with Musk in the past.He didn’t get enough votes from Twitter investors, based on the results of Twitter’s shareholder meeting, cannot be re-elected to the company’s board of directors. The news came after Musk agreed to buy Twitter for $44 billion, prompting a backlash from Twitter investors and employees. But as Twitter shares fell along with the rest of the market, Musk appeared reluctant to complete the deal, claiming that Twitter was not being truthful or transparent about the prevalence of bots on the platform.
Durban, through Silver Lake, has become a long-term business partner and supporter of Musk’s company.A clean energy arm of his investment firm put $100 million in Musk’s solar energy business, SolarCity, SolarCity was later acquired by Musk’s Tesla. When Musk announced in 2018 to take Tesla private, he said he was working with Silver Lake, which acted as financial advisor. However, that deal never happened.
A Twitter spokesperson confirmed the shareholder vote. “In accordance with the company’s governance guidelines, Durban has submitted his resignation to the board, and its effectiveness depends on the board’s acceptance of his resignation,” the spokesman said. resign and provide an update in due course.”
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