Apr 18, 2022 - Technology
Elon Musk says Twitter board won't be paid if he acquires company
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.
Go deeper: Elon Musk goes into full goblin mode