Elon Musk's sister Durban is being held on board by Twitter, and he has rejected his resignation

Elon Musk's sister Durban is being held on board by Twitter, and he has rejected his resignation ...

Twitter said in a letter on Friday that it will not accept Egon Durbans'' resignation from the board, two days after shareholders pushed his re-election down at an annual meeting.

Elon Musk, Durban''s co-worker, has offered to privatize Twitter in a $44 billion (roughly Rs. 3,41,800 crore) deal.

Due to voter policies of certain institutional investors about board service limitations, Durban failed to receive the support of a majority of votes in the re-election held earlier this week.

Durban, who serves on the boards of six other companies, has agreed to reduce his board service obligations to only five public company boards by May 25, 2023, according to Twitter.

Durban, a social media business, said that he was an effective member of the board and that it possesses an unparalleled operational knowledge of the industry.

The vote on Wednesday against the re-election might indicate skepticism among Musks shareholders or his willingness to pay what he offered, although investors are anticipated to approve the deal with overwhelming approval at another meeting.

Silver Lake Partners, Durban''s co-CEO, helped form Musks $44 billion (roughly Rs. 3,41,800 crore) acquisition of Twitter. In 2018, Silver Lake offered to help finance Musks, which included a $72 billion (roughly Rs. 5,59,400 crore) bid to take Tesla private.

Musk expressed on May 13 that the Twitter agreement was temporarily put on hold, despite seeking further information on the prevalence of bogus accounts on Twitter.

Separately, the US Securities and Exchange Commission said on Friday that it was looking into Musks'' disclosure of his Twitter account in April.

Tesla''s stock market, where Musk serves as its chief executive officer, was up about 5%, while Twitter improved substantially in early trading.

Thomson Reuters in 2022

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