Twitter director Egon Durban won’t leave the board after shareholders voted to boot him

Musk would have been appointed to Twitter’s board on Saturday, but the world’s richest man informed the company on the day that he would not, in fact, be taking the board seat.

The company said in a regulatory filing on Friday that Egon Durban wouldn't leave the board even after shareholders voted to boot him from the position.

The board believes that he failed to get shareholder support because of his director role. He agreed to reduce the number of public company boards he serves on to five by May 25, 2023.

The Board does not believe that Mr. Durban's other public company directorships will become an impediment if they were to continue.

The Board considers Mr. Durban to be a highly effective member and believes that he brings to the Board an unparalleled operational knowledge of the industry, a unique perspective, and an invaluable skill set and experience with mergers and acquisitions.

The board of Silver Lake unanimously approved the sale of the social networking site to Musk last month.

Silver Lake invested $100 million into Musk's solar business, SolarCity, before it was acquired by Musk's company. Musk said he was working with Silver Lake when he claimed to be taking the company private.

A proposed class action lawsuit was filed this week against Musk and the company over the acquisition that has led to volatile stock swings. According to the lawsuit, Musk bought the shares while he was aware of the inside information. Musk and Silver Lake did not return requests for comment on the lawsuit.

There is a timeline of the Musk-Twitter takeover saga.