Twitter board might be paid nothing if he acquires the corporate

Elon Musk mentioned Monday that Twitter’s board of administrators will not be compensated for serving if he acquires the corporate.

“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk said in a tweet.

It’s not clear who can be appointed to serve the board of a Musk-owned Twitter. Currently, Twitter spends about $2.9 million in money and inventory awards to board members, in accordance with a submitting with the SEC. Executives don’t obtain further compensation for his or her seats, so that doesn’t embody funds for CEO Parag Agrawal and former chief Jack Dorsey.

The Tesla and SpaceX CEO has been on a tear to accumulate Twitter. After build up greater than 9% in inventory, Musk provided to purchase Twitter in a deal valued at about $43 billion. In response, Twitter adopted a restricted length shareholder rights plan, usually known as a “poison pill,” in an effort to fend off a possible hostile takeover. Musk might also be contemplating a possible tender provide to Twitter shareholders to take management of the corporate.

The outspoken government has argued Twitter must be “transformed” into a non-public firm so it could actually grow to be a discussion board without cost speech. He’s additionally said that Twitter’s board members’ pursuits “are simply not aligned with shareholders” and that the board “owns almost no shares” of the corporate.

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