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Elon Musk says Twitter board won’t be paid if he acquires company

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Tesla CEO Elon Musk said in a tweet Monday that members of Twitter’s board of directors won’t be paid if he succeeds in acquiring the company.

Driving the news: Last week, Musk offered to buy Twitter for $54.20 a share in cash, or about $43 billion.

Twitter confirmed the “unsolicited” offer from Musk in a statement, adding that its Board of Directors would “carefully review the proposal.” On Friday, the board enacted a defensive measure meant to deter Musk’s hostile takeover bid. The move, known as a poison pill, was designed to make it difficult for anyone, including Musk, to build a stake worth more than 15% of the company.What he’s saying: “Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk tweeted.

It’s not known who would sit on the board if Musk were to acquire it, though executives don’t get additional compensation for their seats, according to CNBC.Go deeper: Elon Musk goes into full goblin mode

Source : Axios

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NEWS7.ASIA :Elon Musk says Twitter board won’t be paid if he acquires company
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news7.asia Elon Musk says Twitter board won’t be paid if he acquires company