Apr 18, 2022 - Technology

Elon Musk says Twitter board won't be paid if he acquires company

Elon Musk gestures as he speaks during a press conference
Photo: Jim Watson/AFP via Getty Images

Tesla CEO Elon Musk said in a tweet Monday that members of Twitter's board of directors won't be paid if he succeeds in acquiring the company.

Driving the news: Last week, Musk offered to buy Twitter for $54.20 a share in cash, or about $43 billion.

  • Twitter confirmed the "unsolicited" offer from Musk in a statement, adding that its Board of Directors would "carefully review the proposal." On Friday, the board enacted a defensive measure meant to deter Musk's hostile takeover bid.
  • The move, known as a poison pill, was designed to make it difficult for anyone, including Musk, to build a stake worth more than 15% of the company.

What he's saying: "Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there," Musk tweeted.

  • It's not known who would sit on the board if Musk were to acquire it, though executives don't get additional compensation for their seats, according to CNBC.

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