Elon Musk warns Twitter board members will not be paid more if he buys the company

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Elon Musk warns Twitter board members will not be paid more if he buys the company

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The richest man in the world is pursuing his plan to buy Twitter. Photo by Reuters

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Ang war between Twitter’s board of directors members and Elon Musk, the world’s richest man who wants to buy the social network, is at the top of it. After a “poison pill” was announced to him to prevent the purchase, the CEO also of Tesla and SpaceX has now said that I will stop paying them the 3 million dollars they collect if you buy the social network.

“The board salary will be $ 0 if my bid is successful, so that’s it ~ $ 3M/year saved there, ”Musk tweeted Monday.

Musk responded to a Twitter thread about the company’s board saying its interests were not aligned with shareholders ’interests.

The thread, from Future Fund managing partner Gary Black, also highlighted compensation for 11 Twitter board members earning, among them, close to $ 2.9 million. in cash and awards in stocks, according to a file from the U.S. Securities and Exchange Commission.

Musk’s tweet about board member compensation came after he tweeted that Saturday “Economic interests” of the Twitter board “is simply not aligned with shareholders”.

Twitter is currently trying to block loffer 43 billion dollars of Musk to privatize the company.

Musk is the largest single shareholder on the social media platform after accumulating a large stake in the company this year, equivalent to 9.1% of the company.

In short, it was also the company’s largest general shareholder, until investment firm Vanguard increased its stake to 10.3% of the company, according to an SEC filing first reported by the Wall Street Journal.

Earlier this month, Twitter announced that the billionaire would join its board of directors, but a few days later, Musk backtracked on the decision.

Since then, Twitter’s board has said it will put up a “poison pill” defense, also known as a shareholder rights plan, to defend against Musk’s takeover bid. It works by increasing the total number of shares in a company, making it harder for any interested party will purchase all the shares.

Musk is the richest man in the world, with an estimated net worth of $ 255 billionaccording to the Bloomberg Billionaires Index.

the poison pill

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