Twitter board will be paid nothing if he acquires the company
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Elon Musk (CEO of Tesla Inc) attends World Artificial Intelligence Conference, Shanghai, China on August 29, 2019.
Reuters| Reuters
Elon MuskMonday, TwitterIf he buys the company, he won’t receive compensation for his service to the board of directors.
Musk: “Board salaries will be $0, if my bid is successful. That’s an $3M/year savings.” said in a tweet.
There is no clear indication of who will be serving on the board for a Musk-owned Twitter. According to Aada, Twitter currently spends $2.9 million on stock and cash awards for board members. filing with the SEC. The compensation received by executives for seats is not increased, and does not include any payments to CEO Parag Agrawal or former chief Jack Dorsey.
It TeslaSpaceX’s CEO, Musk, has worked tirelessly to purchase Twitter. Musk has amassed more than 9 percent in stock. offered to buy TwitterIn a deal worth approximately $43 billion Twitter was quick to respond. adopted a limited duration shareholder rights plan, often referred to as a “poison pill,” in an effort to fend off a potential hostile takeover. Musk might also consider a potential takeover. tender offer to Twitter shareholders to take control of the company.
This outspoken executive argued that Twitter should be made “a social network.”transformedHe also suggested that he be made a shareholder in a private firm so the company can serve as a platform for free speech. He is also saidThe board believes that Twitter’s interests are “not aligned” with those of shareholders. “owns almost no shares” of the company.
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