Twitter co-founder Martha Lane Fox set to pocket over $2 million

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Twitter co-founder Martha Lane Fox set to pocket over $2 million

Martha Lane Fox, the co-founder of Lastminute.com, is expected to pocket more than $2 million from the sale of Twitter to Elon Musk.

Baroness Lane Fox, who sits in the House of Lords as a crossbench peer, holds 34,000 Twitter shares and 4500 restricted stock units, according to the firm's most recent proxy statement. She stands to make $2.1 million 1.8 million if shares are sold at $54.20 per share per the terms of billionaire Musk's takeover offer.

Musk re-committed to his original offer of taking Twitter private last night, in a dramatic U-turn for the world s richest man after walking away from the deal amid concerns about the number of fake users on the platform, which prompted Twitter to take legal action to force through the deal.

Lane Fox joined the Twitter board in April 2016. She expressed her support for recently-appointed Twitter boss, Agrawal. She tweeted in November last year that she was so proud and thrilled that he would become CEO. It is in stark contrast to Musk's remarks on Agrawall. In messages released during the legal battle between the Tesla CEO and Twitter, it emerged that the billionaire sent the CEO a message asking: What did you do this week? I am not joining the board. This is a waste of time, before telling the founder of Twitter, Jack Dorsey: Parag is just moving too slowly. Alongside her Twitter role, Lane Fox sits on the board of luxury French fashion business Chanel and is chair of Dutch fintech business WeTransfer.

According to Refinitiv's data, the UK-based banks, hedge funds and investment firms hold a combined 29% stake in Twitter, worth $8.6 billion.