November 15, 2024
Elon Musk

Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019. (Photo by Frederic J. BROWN / AFP) (Photo credit should read FREDERIC J. BROWN/AFP via Getty Images)

Twitter’s 11 board members collectively make $2.9 million in cash and stock awards.Elon Musk said he will not pay board members if he manages to acquire Twitter.Twitter is trying to block Musk’s $43 billion bid to take the company private.

Elon Musk said he will not pay board members if he manages to acquire Twitter.

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

Musk was responding to a Twitter thread about the company’s board that claimed its interests are not aligned with shareholders.

The thread, by Future Fund managing partner Gary Black, also highlighted the compensation of the 11 Twitter board members who collectively make about $2.9 million in cash and stock awards, according to a US Securities and Exchange Commission filing.

—Elon Musk (@elonmusk) April 18, 2022

Musk’s tweet about board member compensation came after he tweeted on Saturday that the “economic interests” of Twitter’s board are “simply not aligned with shareholders.”

—Elon Musk (@elonmusk) April 16, 2022

Twitter is currently trying to block Musk’s $43 billion bid to take the company private.

Musk is the social media platform’s biggest individual shareholder after building up a large stake in the company this year, equating to 9.1% of the firm. He was also briefly the company’s biggest overall shareholder, until investment firm Vanguard upped its stake to 10.3% of the firm, according to an SEC filing first reported by the Wall Street Journal.

Earlier this month, Twitter announced the billionaire would join its board of directors — but said a few days later Musk walked back the decision.

Twitter’s board has since said it will deploy a “poison pill” defense — also known as a shareholder rights plan — to fend off Musk’s takeover bid. It works by increasing the total number of a company’s shares, making it harder for any interested party to buy up all of the stock.

Musk is the world’s richest person, with an estimated net worth of $255 billion, according to the Bloomberg Billionaires Index.

 

Businessinsider.com

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