Amid?Elon Musk¡¯s ongoing tiff with the Twitter board over the former¡¯s proposed takeover, the Tesla and SpaceX CEO has targeted the board with another tweet after they tried the poison pill strategy against him.
Yesterday, Twitter¡¯s largest shareholder, Musk tweeted that Twitter¡¯s board of directors won¡¯t be compensated for serving if he acquires the company.
Also Read:?The Elon Musk Effect: Tesla CEO's Top Tweets Of 2021 That Sent The Crypto Market Crazy
¡°Board salary will be $0 if my bid succeeds, so that¡¯s ~$3M/year saved right there,¡± Elon Musk said in a tweet.
However, it¡¯s not clear who would be appointed to serve the board of a Musk-owned Twitter. Currently, Twitter spends about $2.9 million in cash and stock awards to board members, according to a filing with the SEC.?
Executives do not receive additional compensation for their seats, so that does not include payments for CEO Parag Agrawal and former chief Jack Dorsey.
For the uninitiated, Musk had offered to buy Twitter in a deal valued at about $43 billion after acquiring over a 9% stake in the company recently.
In response, Twitter adopted a limited duration shareholder rights plan, often referred to as a ¡®poison pill¡¯. This was done in an effort to fend off a potential hostile takeover by Musk. After this, it's been reported, that Musk may also be considering a potential tender offer to Twitter shareholders to take control of the company.
Musk has argued Twitter needs to be ¡°transformed¡± into a private company so it can become a forum for free speech. He had also said that Twitter¡¯s board members¡¯ interests ¡°are simply not aligned with shareholders¡± and that the board ¡°owns almost no shares¡± of the company.
Also Read:?Dogecoin Price Soars 8% After Elon Musk Suggests It For Payment Of Twitter Subscription
For the latest and interesting financial news, keep reading Indiatimes Worth.??Click here.