The fifth week of the Twitter battle between Elon Musk and the other board members is closing in. The legal procedures are making it harder as the $44 billion dollar takeover offer still remains on hold. Questions are being raised about the accuracy of Twitter’s claim of 5% of its users being fake and doubts about the company’s fame are coming into play. The preliminarily promised new revenue and growth targets aren’t mitigated yet.
Changes in Executive Staff
The company has already lost some of its top-level executive staff due to the change in ownership. It includes Jack Dorsey, the CEO, and co-founder of Twitter, who has left the company. Silver Lake Partners’ Egon Durban is leaving the board membership. Durban got a seat at the table in 2020 when the Eliott Management group joined Silver Lake. In Eliott’s opinion, Dorsey was underperforming and they wanted to give him a push and buy up twitter’s share. Currently, following the takeover, Egon Durban resigned his seat as he lost the reelection.
Resignation of Egon Durgan
Egon Durban has been an apprentice to Elon Musk in several public companies and a longtime ally. Removing him from the stakeholders’ chair is seen as a form of protest against the new changes from Twitter’s investors. As the battle for the reorganization of Twitter continues, Twitter explained that Durban’s board election went south because he was a part of the directorship of six other trading companies.
Changes Elon Musk Promises to Bring
If Elon Musk becomes the owner, he intends to eliminate the board. Musk wants to implement changes in areas like free speech and content moderation. The introduction of the edit button will help users to change and moderate content. Tackling fake accounts and cryptocurrency scams are the top priorities. The inclusion of representatives from key investors will maintain the stability of the company amidst the tumultuous environment. That’s one of the reasons why Egon Durban’s leaving has caused such an uproar.
Jack Dorsey Leaves Twitter
Though the changes Elon Musk has promised, such as obligating a permanent ban on accounts, and moderation of political or celebrity users, seem beneficial and promising, the handover of ownership is not a battle easily won. Dorsey was CEO before 2008, and then again from 2015 onwards. This time around he has declared he won’t take up the job again. Many sources think Musk already has a line of executives ready for the job or he might take up the position temporarily.