Musk Says Twitter Board Will Be Paid Nothing If He Takes Over

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Musk Says Twitter Board Will Be Paid Nothing If He Takes Over

April 19, 2022

Billionaire tech mogul Elon Musk  said that, if his Twitter takeover attempt is successful, the company's  Board of Directors will go from being paid millions per year to zero.

"Board salary will be $0 if my bid succeeds, so that's ~$3 [million]/year saved right there,"...that was part of a thread that claimed the interests of Twitter's board members are not in line with those of the company's shareholders. Twitter's board members currently receive around $2.9 million in cash and stock awards... that it's "obvious" that if Musk does manage to take  Twitter private, the company's board members "don't have jobs any more." "That could explain a lot," Black wrote, apparently referring to the  efforts of Twitter's board to block Musk's hostile takeover attempt.  After Musk snapped up a nearly 10-percent stake in Twitter, he  offered to buy all remaining stock for around $43 billion in cash.   The board later announced it  was adopting a limited duration shareholder rights plan, a tactic known  as a "poison pill" that would make it financially more painful for the  potential acquirer, effectively signaling its opposition to Musk's bid.

In context of the poison pill move, Musk said  that if Twitter's board acts against shareholder interests, they would  be breaching their fiduciary duty and so would assume legal liability  that would be "titanic in scale." Musk said earlier that his buyout bid was  to transform Twitter in a bastion of free speech by making its  algorithm open source and its moderation policies more transparent...  "In my view, Twitter should match the laws of the country," ... Musk has questioned Twitter's commitment to free speech, after repeated accusations that the platform suppressed some minority and politically conservative viewpoints, claims Twitter has denied.

Musk Says Twitter Board Will Be Paid Nothing If He Takes Over
https://www.theepochtimes.com/musk-says-twitter-board-will-be-paid-nothing-if-he-takes-over_4412908.html