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Who Owns Twitter?
There has been much speculation about who owns Twitter, from former CEO Jack Dorsey to the incoming CEO. This article will explore some of the details. You can also read about the recent resignation of the CEO of Silver Lake, Evan Williams. The former Odeo executive made waves when he convinced Twitter shareholders that Dorsey could not lead the company effectively. In fact, he was voted out of his role as CEO.
Vanguard owns 82.4 million shares
The Vanguard Group, which owns investment funds, has disclosed it owns a whopping 82.4 million shares of Twitter, which is ten per cent of the company’s total share capital. Read also : How to Design a Good Twitter Header. The move follows an earlier announcement that Elon Musk, founder of Tesla, was a top shareholder of the company with a 9.1% stake. Institutional investors are now the largest shareholders at Twitter, with Morgan Stanley Investment Management and BlackRock Fund Advisors owning nearly half of the company’s outstanding shares.
Elon Musk has also been a major shareholder in the company, purchasing a significant amount of its shares. He has also teased joining the board of directors of the company and even offered to buy the company for $43 billion. This has made other investors a little nervous, but Vanguard has increased its stake in the company. As of this writing, Vanguard owns 10.3% of Twitter. But the company’s shares are down 26% year-to-date.
Silver Lake CEO resigns from board
Twitter shareholders voted not to re-elect Silver Lake CEO Egon Durban from their board. The move reflects shareholder disapproval of Durban’s decision to serve on too many boards. Durban is a close ally of Musk, who is attempting to buy Twitter. This may interest you : Who Owns Twitter?. Twitter also requires a representative from Silver Lake to serve on its board. While Durban’s resignation is not accepted by the board, the company needs to consider the company’s corporate governance guidelines when making board appointments.
The company has been accused of unfair practices, including denying Skype employees a windfall from stock options. The company has since re-enter the public market, and Durban’s departure may signal a change in leadership at Silver Lake. However, the resignations are not entirely surprising. Durban joined the company as a principal in 1999. He also serves on the board of Endeavor Group Holdings.
Jack Dorsey’s term as CEO expires
At the annual shareholders’ meeting, Twitter announced that its CEO, Jack Dorsey, would be stepping down at the end of 2022. Despite being the company’s co-founder, Dorsey has said he will never be the company’s CEO again. This may interest you : What is Super Follow on Twitter?. Since joining Twitter in 2006, he has served as CEO and board chairman. In 2015, he returned to lead the company, replacing founder Dick Costolo.
The company’s board of directors unanimously appointed Parag Agrawal as CEO and Chairman of the Board, effective immediately. The company said that Dorsey will remain on the board until 2022. He will also continue to serve on the Board as a member and chair of the Audit Committee. However, there was no clear reason given for Dorsey’s decision to step down as CEO. Twitter announced in November that he would step down as CEO and hand over the CEO role to Parag Agrawal. He would remain on the board until the 2022 meeting of stockholders.
After his appointment, Twitter’s shareholders have filed a lawsuit against Musk, claiming that the company’s stock price and terms are being unfairly lowered. Musk’s proposed takeover of Twitter has also raised eyebrows, as Twitter shareholders have said they are unhappy with Musk’s leadership. While Musk has defended his choice, he has also mentioned Dorsey in an SEC document filed in early May.
Elon Musk plans to take company private in 2022
The recent $44 billion deal between Tesla and Twitter will likely make Musk the richest person in the world. The move will eliminate the need to report quarterly financials to the Securities and Exchange Commission (SEC). Musk recently referred to the SEC as “bastards,” but he has since settled allegations that he falsely claimed to have enough cash to take Tesla private. In addition to stepping down as chairman of Tesla, Musk paid a fine and accepted Twitter’s acquisition offer.
Although Musk has provided few details about his plans for Twitter, the billion-dollar acquisition could assure potential investors that the company is serious about improving its business practices and profitability. Twitter currently has 330 million monthly active users compared to Facebook, Instagram, and Sina Weibo with more than 2.9 billion. Musk has also used Twitter as a signal-booster for his business interests. However, some are concerned about the dividing line between commercial users and casual users. Others worry that Musk will try to charge journalists for tweets.
