Business

Elon Musk Says No Salary for Twitter Board Members If His Bid Succeeds

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  • Twitter’s 11 board members collectively make $2.9 million in money and inventory awards.
  • Elon Musk mentioned he won’t pay board members if he manages to accumulate Twitter.
  • Twitter is attempting to dam Musk’s $43 billion bid to take the corporate non-public.

Elon Musk mentioned he won’t pay board members if he manages to accumulate Twitter.

“Board wage shall be $0 if my bid succeeds, in order that’s ~$3M/12 months saved proper there,” Musk tweeted on Monday.

Musk was responding to a Twitter thread concerning the firm’s board that claimed its pursuits aren’t aligned with shareholders.

The thread, by Future Fund managing companion Gary Black, additionally highlighted the compensation of the 11 Twitter board members who collectively make about $2.9 million in money and inventory awards, in accordance with a US Securities and Alternate Fee submitting.

Musk’s tweet about board member compensation got here after he tweeted on Saturday that the “financial pursuits” of Twitter’s board are “merely not aligned with shareholders.”

 

Twitter is at present attempting to dam Musk’s $43 billion bid to take the corporate non-public.

Musk is the social media platform’s largest particular person shareholder after build up a giant stake within the firm this 12 months, equating to 9.1% of the agency. He was additionally briefly the corporate’s largest general shareholder, till funding agency Vanguard upped its stake to 10.3% of the agency, in accordance with an SEC submitting first reported by the Wall Road Journal.

Earlier this month, Twitter introduced the billionaire would be part of its board of administrators — however mentioned a couple of days later Musk walked again the choice.

Twitter’s board has since mentioned it can deploy a “poison tablet” protection — also called a shareholder rights plan — to fend off Musk’s takeover bid. It really works by growing the entire variety of an organization’s shares, making it tougher for any occasion to purchase up all the inventory.

Musk is the world’s richest individual, with an estimated web price of $255 billion, in accordance with the Bloomberg Billionaires Index.



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