• Silver Lake co-CEO Egon Durban offers to resign from Twitter board after failing to win majority support
• Shareholders re-elected Patrick Pichette to company’s board
Twitter Inc (NYSE: TWTR) shareholders voted against re-electing Egon Durban, an ally of Elon Musk, to the company’s board at an annual meeting on Wednesday.
Durban is the co-head of private equity firm Silver Lake, who partnered with Tesla Inc (NASDAQ: TSLA) Chief Executive Officer Musk on his abandoned bid to take the electric carmaker private.
He was one of two directors up for election for a three-year term who joined the social media company’s board in 2020 after his firm agreed to invest $1 billion in Twitter.
As shareholder votes are not officially binding, the board’s nominating and governance committees would decide whether to accept Durban’s resignation or not.
Musk, earlier this month, tweeted that the Twitter deal was “temporarily on hold” while he sought more information about the proportion of fake accounts and bots on the social media platform.
Last week, Twitter said it remained committed to the deal at the agreed price.
At its virtual annual meeting, the company said it would not take questions about the deal.
Shareholders re-elected Patrick Pichette to the board.
Picture Credit: Fox Business
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