Tesla Inc co-founder and CEO, and the largest shareholder of Twitter Inc, Elon Musk has said that if he were to acquire the company, the board won’t be paid.
“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk said in a tweet.
Elon Musk’s tweet came in response to a tweet by investment advisor Gary Black who said that the interests of the Twitter board are not aligned with those of the shareholders.
"The board serves to represent shareholders. If they refuse to act in the best interest of shareholders, they should be removed and replaced by new board members who understand their fiduciary obligations," the tweet said.
Elon Musk has been in a bid to acquire Twitter. As the largest shareholder with an over 9 per cent stake in the company, he offered to buy Twitter in a deal valued at nearly $43 billion. In response to this, Twitter adopted a ‘poison pill’ to avoid a hostile takeover bid.
Often criticising Twitter’s policies, Musk believes that Twitter can be ‘transformed’ into a platform for free speech.
He’s 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.
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