Twitter rejects Elon Musk’s resignation

Twitter Inc. (TWTR.N) said in a filing on Friday that it would not accept Egon Durban’s resignation from the board, two days after stakeholders blocked his re-election at the annual meeting.

Durban is an ally of Elon Musk, who has offered to privatize Twitter in a 44 billion deal. Read on

Twitter blamed Durban for failing to garner a majority in the re-election earlier this week “due to the voting policies of some institutional investors over board service limits”.

Durban, which serves the boards of six other companies, has agreed to reduce board service commitments on five public company boards by May 25, 2023, Twitter said.

Silver Lake Partners, where Durban is co-CEO, helped consolidate Musk’s $ 44 billion Twitter acquisition, according to a filing.