August 19, 2022



Twitter board can be paid nothing if he acquires the corporate

2 min read

Tesla Inc CEO Elon Musk attends the World Synthetic Intelligence Convention (WAIC) in Shanghai, China August 29, 2019.

Aly Tune | Reuters

Elon Musk talked about Monday that Twitter‘s board of directors is not going to be compensated for serving if he acquires the company.

“Board wage shall be $0 if my bid succeeds, so that’s ~$3M/12 months saved correct there,” Musk said in a tweet.

It’s not clear who may very well be appointed to serve the board of a Musk-owned Twitter. Presently, Twitter spends about $2.9 million in cash and stock awards to board members, in accordance with a submitting with the SEC. Executives don’t acquire additional compensation for his or her seats, in order that doesn’t embrace funds for CEO Parag Agrawal and former chief Jack Dorsey.

The Tesla and SpaceX CEO has been on a tear to build up Twitter. After construct up higher than 9% in stock, Musk provided to purchase Twitter in a deal valued at about $43 billion. In response, Twitter adopted a restricted length shareholder rights plan, sometimes often called a “poison capsule,” in an effort to fend off a attainable hostile takeover. Musk may also be considering a attainable tender supply to Twitter shareholders to take administration of the company.

The outspoken govt has argued Twitter have to be “reworked” right into a private agency so it might really develop right into a dialogue board completely free speech. He’s moreover said that Twitter’s board members’ pursuits “are merely not aligned with shareholders” and that the board “owns nearly no shares” of the corporate.

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