Martha Lane-Fox, a British businesswoman and entrepreneur, has been kicked from the Twitter board after Elon Musk’s $44 billion purchase.
Nine directors were removed from the top table, including 49-year-old Baroness Lane-Fox of Soho, a member of the House of Lords.
When months of negotiations, it happened on Monday after billionaire Musk seized control of the social media firm.
Following his firing of Twitter CEO Parag Agrawal and other senior business executives last week, he became the only member of the board.
According to a corporate filing: “Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou, who were formerly directors of Twitter, are no longer directors of Twitter.”
Soon later, without going into any detail, Musk tweeted that the decision to abolish the board was “only temporary.”
Baroness Lane-Fox had 34,000 Twitter shares and 4500 restricted stock units prior to the acquisition.
It meant that she profited from the big buyout to the tune of $2.1 million (£1.8 million).
In November 2016, she stated that she had been happy when Agrawal was named CEO. She joined the board in April 2016.
The internet specialist was injured in a catastrophic vehicle accident in 2004 and had more than 25 broken bones.
Her right arm and leg were broken, her pelvis was broken six times, and she had serious internal bleeding that resulted in a stroke.
The British businessman was taken to England for treatment after the tragedy, where he spent six months in the hospital and through a taxing 28 procedures.
She gave birth to identical twin sons Milo and Felix in 2016 together with her longtime husband Chris Gorell Barnes, a 48-year-old former reality TV star turned software entrepreneur.
They were born in the US to a surrogate mother after Baroness Lane-injuries Fox’s from the collision prevented her from becoming pregnant.
The entrepreneur mentioned the importance of kindness in 2021.
In an automobile accident in Morocco in 2004, I almost fractured every bone in my body, the woman said.
“I spent the greater part of two years in the hospital.”
It strengthened my sentiments for my friends and family, who were so amazing throughout, and transformed my life forever.
It highlighted my ambition to make a difference in the world and make the most of my life.
It also strengthened my resolve to teach my twins about the riches the world has to offer, so long as you have the eyes to see them.
“I’m an optimist, which you can be even in the worst circumstances.
If there is anything we can take away from the last year, it is how important compassion and community are.
After starting the travel and gift company lastminute.com at the age of 27, Lane-Fox was worth £30 million.
In 2005, for £577 million, she sold it to the Texas-based travel company Sabre Corporation.
Musk may have given away his plans in April of this year when he made fun of Twitter’s board of directors after they implemented a “poison pill” approach to prevent him from carrying out a $43 billion hostile acquisition.
Musk reacted to a parody of the ‘Distracted Boyfriend’ joke criticizing Twitter’s board with a laughing emoji after becoming strangely quiet on Twitter for over 24 hours.
As “Twitter investors” look on with anger because they are “satisfied with $54.20 a share,” Musk’s unsolicited offer price, the graphic showed “Twitter’s board” longingly considering the opportunity to “maintain that cushy job that earns me shares.”
Musk also replied to a poll conducted by another account, which showed that the majority of participants supported his proposal to make Twitter private, by writing: “Thanks for the support!
It happens after Twitter’s board revealed its spectacular poison pill strategy to stop Musk from buying even more stock in the firm.
The idea, sometimes known as a shareholder rights clause, would have resulted in a dilution of business shares if any shareholder increased their holdings without the board’s consent by 15%.