Twitter’s shareholders voted against re-electing an ally of Musk, Egon Durban, to the board at an annual meeting Wednesday. Durban is co-head of private equity firm Silver Lake.
Despite Twitter’s stock surge, it is still down about 12% year-to-date. The plunge came amid a broad tech stock sell-off as investors weigh up rising interest rates, Russia’s invasion of Ukraine, and recession risks.
On the other hand, Tesla gained 0.2% at just under $661, as investors assessed the impact of Musk’s move on the stock. Its price is down 38% this year.
Those losses have hit Musk’s net worth, which has dropped below $200 billion, according to Bloomberg Billionaires Index.
