Elon Musk Suggests $0 Salary for Twitter Board Members

Elon Musk also tweeted that the decision to sell Twitter should be up to the shareholders, not the board.

By Reuters | Updated: 19 April 2022 10:35 IST

Elon Musk Suggests $0 Salary for Twitter Board Members

Photo Credit: Reuters

Thoma Bravo, a technology-focused private equity firm has also sought to acquire Twitter

Highlights

Elon Musk currently has a 9.1 percent stake in Twitter
He had asked if taking Twitter private should be up to shareholders
Shares of Twitter were up about 4 percent at $46.85 (roughly Rs. 3,580)

Elon Musk took a swipe at the board of Twitter on Monday after the social media company adopted a "poison pill" to protect itself from the second-biggest shareholder's $43 billion ( roughly Rs. 3,28,470 crore) cash buyout offer.

"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 user's post criticizing the board.

Board salary will be $0 if my bid succeeds, so that's ~$3M/year saved right there
— Elon Musk (@elonmusk) April 18, 2022

Musk, a self-described "free speech absolutist" who has been critical of Twitter's policies, did not elaborate on the tweet. Twitter did not immediately respond to a request for comment.

Continuing his tirade against the company, Musk had launched a poll 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 large majority responded "Yes".

How Will Twitter's Board Handle Elon Musk?

Later, the Tesla chief executive also tweeted "Love Me Tender", an Elvis Presley song, after Twitter opted a plan to sell shares at a discount to prevent any attempt by shareholders to amass a stake of more than 15 percent. Musk currently has a 9.1 percent stake.

Meanwhile, in a series of tweet replies, co-founder and former CEO Jack Dorsey called out Twitter's board on Saturday, saying "it's consistently been the dysfunction of the company."

it's consistently been the dysfunction of the company
— jack⚡️ (@jack) April 17, 2022

Dorsey's statement was a reply to a tweet by venture capitalist Garry Tan that said: "The wrong partner on your board can literally make a billion dollars in value evaporate."

big facts
— jack⚡️ (@jack) April 17, 2022

Shares of Twitter were up about 4 percent at $46.85 (roughly Rs. 3,580), still significantly below Musk's offer of $54.20 (roughly Rs. 4,140) per share. They have risen roughly 15 percent since Musk disclosed his stake on April 4.

Meanwhile, Twitter has also been informed by Thoma Bravo, a technology-focused private equity firm that had more than $103 billion (roughly Rs. 7,86,760 crore) in assets under management as of the end of December, that it was exploring the possibility of putting together a bid.

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