Elon Musk Suggests $0 Salary for Twitter Board Members

Elon Musk took a swipe on the board of Twitter on Monday after the social media firm adopted a “poison pill” to guard itself from the second-biggest shareholder’s $43 billion ( roughly Rs. 3,28,470 crore) money buyout supply.

“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year (roughly Rs. 22 crore) saved right there,” Musk tweeted in response to a consumer’s publish criticizing the board.

Musk, a self-described “free speech absolutist” who has been important of Twitter’s insurance policies, didn’t elaborate on the tweet. Twitter didn’t instantly reply to a request for remark.

Continuing his tirade towards the corporate, Musk had launched a ballot on Thursday asking his 80 million followers if “taking Twitter private at $54.20 (roughly Rs. 4,140) should be up to shareholders, not the board”, to which a big majority responded “Yes”.

Later, the Tesla chief government additionally tweeted “Love Me Tender”, an Elvis Presley music, after Twitter opted a plan to promote shares at a reduction to forestall any try by shareholders to amass a stake of greater than 15 p.c. Musk at present has a 9.1 p.c stake.

Meanwhile, in a collection of tweet replies, co-founder and former CEO Jack Dorsey known as out Twitter’s board on Saturday, saying “it’s consistently been the dysfunction of the company.”

Dorsey’s assertion was a reply to a tweet by enterprise capitalist Garry Tan that mentioned: “The wrong partner on your board can literally make a billion dollars in value evaporate.”

Shares of Twitter had been up about 4 p.c at $46.85 (roughly Rs. 3,580), nonetheless considerably beneath Musk’s supply of $54.20 (roughly Rs. 4,140) per share. They have risen roughly 15 p.c since Musk disclosed his stake on April 4.

Meanwhile, Twitter has additionally been knowledgeable by Thoma Bravo, a technology-focused non-public fairness agency that had greater than $103 billion (roughly Rs. 7,86,760 crore) in property beneath administration as of the tip of December, that it was exploring the opportunity of placing collectively a bid.

© Thomson Reuters 2022