If Elon Musk Takes Over, Twitter Board Salary Will be Nil

21 Apr, 2022 09:09 IST|Sakshi Post

Twitter’s board salary will be $0 if my bid succeeds: Elon Musk

Musk is one of Twitter's major stockholders, with a 9.2% stake.

New Delhi, India: Elon Musk, the CEO of Tesla and SpaceX, has taken another shot at Twitter's board of directors, claiming that if his $43 billion takeover attempt is successful, the board members will receive no compensation.

Musk tweeted on Monday, "Board salary will be $0 if my bid succeeds, so that’s $3 million/year saved right there."

He also tweeted "Love Me Tender," an Elvis Presley song, after Twitter implemented a "poison pill" method to keep Musk from buying it forcibly.

Musk previously stated that other potential bidders should worry the Twitter Board of Directors more than he, who has made a fair offer to buy 100% of the microblogging network for $43 billion.

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"In fairness to the Twitter board, this might be more of a concern about other potential bidders vs just me".

Musk is one of Twitter's major stockholders, with a 9.2% stake.

Last Monday, Vanguard Group said that its funds now possess a 10.3 per cent investment in Twitter, making it the company's largest stakeholder.

Al-Waleed bin Talal, the Saudi prince who turned down Elon Musk's offer, owns around 5.2 per cent of Twitter.

As Twitter implements the "poison pill" plan, Tesla CEO Elon Musk is said to be in talks with investors about acquiring the microblogging network.

Musk could join "private-equity firm Silver Lake Partners, which was planning to co-invest with him in 2018 when he was considering taking Tesla private," according to Bloomberg.

Egon Durban, the co-CEO of Silver Lake, is a member of the Twitter board of directors.

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