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Monday, May 16, 2022

"Their Salary Will Be $0 If...": Elon Musk Targets Twitter Board

"Their Salary Will Be $0 If...": Elon Musk Targets Twitter Board

Elon Musk currently 9.1 per cent stake in Twitter and is the social media company's second-biggest shareholder.
Elon Musk took a swipe at the board of Twitter today, a day after the company adopted a "poison pill" to protect itself from a takeover bid. "Board salary will be $0 if my bid succeeds, so that's ~$3M/year saved right there," Musk tweeted in response to a user's post criticizing the board.

Musk currently 9.1 per cent stake in Twitter and is the social media company's second-biggest shareholder. Earlier this week, the Tesla chief executive had offered to buy out the company for $43 billion.

Elon Musk, a self-described "free speech absolutist", has been critical of Twitter's policies. On Thursday, he asked his 80 million followers on the micro-blogging platform if "taking Twitter private at $54.20 should be up to shareholders, not the board".

Later, the Tesla chief executive also tweeted "Love Me Tender", an Elvis Presley song, after Twitter opted for a plan to sell shares at a discount to prevent any attempt by shareholders to amass a stake of more than 15%.

Musk has tweeted several other product ideas since buying a stake in Twitter, from eliminating ads to an edit button. He also asked followers if the company's headquarters should be converted into a homeless shelter.
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