Twitter investors vote against re-electing Elon Musk ally to board

The company last week said it remained committed to the deal at the agreed price and on Wednesday said it would not take questions about the deal at the virtual meeting. Investors also voted in favor of creating reports on electoral spending and on risks of using concealment clauses.

Twitter Inc investors voted against re-electing an ally of Elon Musk to the board at an annual meeting on Wednesday that avoided the biggest question for the social media company: will it complete a $44 billion sale to the billionaire. Investors voted against Egon Durban, the co-head of private equity firm Silver Lake, who partnered with Tesla CEO Musk on his abandoned bid to take the electric carmaker private.

Musk tweeted on May 13 that the Twitter deal was "temporarily on hold" while he sought more information about the proportion of fake accounts on Twitter. The company last week said it remained committed to the deal at the agreed price and on Wednesday said it would not take questions about the deal at the virtual meeting.

Investors also voted in favor of creating reports on electoral spending and on risks of using concealment clauses. Shareholders followed management advice to vote against other proposals, including one that would commission a report on company lobbying expenditures.

They re-elected Patrick Pichette to the board.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)