Last week Elon Musk made an offer to buy Twitter. Over the Easter weekend, the Twitter Board declined Musk’s offer. Now Musk says he’ll end Board salaries once he takes over the company.
Last Thursday Elon Musk made an offer to buy Twitter at a reasonably generous price. Musk wanted to free up civil discourse which wasn’t happening at Twitter.
The response from the Board over the weekend was to adopt a poison pill rather than consider Musk’s offer. It appears as if Twitter would rather hold control over who and what people are able to say in public discourse than make money for its shareholders.
In response over the weekend, it was noted that Twitter’s Board holds a paltry amount of stock in the company. Musk retweeted this observation.
Let me point out something obvious: If @elonmusk takes $TWTR private, the TWTR board members don’t have jobs any more, which pays them $250K-$300K per year for what is a nice part-time job. That could explain a lot. pic.twitter.com/vLgpEZpapA
— Gary Black (@garyblack00) April 17, 2022
Musk then tweeted that he would make Board salary $0 when he takes over, saving the company $3 million a year.
Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there
— Elon Musk (@elonmusk) April 18, 2022