On May 26, Beijing time, twitter shareholders voted to kick Egon Durban, CO CEO and managing director of private equity company Silver Lake capital, out of the board of directors on Wednesday** Currently, Twitter is in difficult negotiations with prospective buyer Elon Musk.
Meanwhile, twitter co-founder and former CEO Jack Dorsey also stepped down as a twitter director. Since stepping down as CEO of twitter last year and focusing on payment company block, Dorsey has gradually kept his distance from twitter. His resignation is also planned. Twitter had previously said that Dorsey would remain on the board "until his term of office ends at the 2022 shareholders' meeting". In addition, he and musk are good friends, saying musk is the only "solution" for twitter in the future.
Companies in Durban have worked with musk in the past. According to the voting results of Twitter's shareholders' meeting, he did not get enough votes from twitter investors to be re elected as a member of the company's board of directors. Earlier, musk agreed to buy twitter for $44 billion, which triggered a strong reaction among twitter investors and employees. But as Twitter's share price fell along with other stocks in the market, musk seemed reluctant to complete the deal, claiming that Twitter did not tell the truth or opacity about the popularity of robots on the platform.
Durban has become a long-term business partner and supporter of musk through Silver Lake capital. A clean energy division of his investment company invested $100 million in Musk's solar business SolarCity, which was later acquired by Musk's Tesla. When musk announced the privatization of Tesla in 2018, he said he was working with Silver Lake, which served as a financial adviser. But that deal never happened.
A twitter spokesman confirmed the results of the shareholder vote. "According to the corporate governance guidelines, Durban has submitted his resignation to the board of directors, and its effectiveness depends on whether the board of directors accepts his resignation," the spokesman said. "The nomination and Corporate Governance Committee of the board of directors will quickly consider whether to recommend that the board of directors accept Mr. Durban's resignation and provide an update in due course."