Tesla Inc CEO Elon Musk attends the World Artificial Intelligence Conference (WAIC) in Shanghai, China on 29 August 2019.
Aly’s Song | Reuters
“Board salary will be $0 if my offer succeeds, so that’s ~$3M/year saved right there,” Musk he said in a tweet.
It’s unclear who would be appointed to serve on the board of Musk-owned Twitter. Currently, Twitter spends about $2.9 million in cash and stock awards for board members, according to a SEC filing. The executives do not receive additional compensation for their positions, so it does not include payments from CEO Parag Agrawal and former boss Jack Dorsey.
The Tesla and the CEO of SpaceX has been excited to acquire Twitter. After amassing more than 9% in stock, Musk offered to buy Twitter in a deal valued at around $43 billion. In response, Twitter adopted a time-limited shareholder rights plan, often referred to as a “poison pill”, in an effort to prevent a potential hostile takeover. Musk may also be considering a potential public offering to Twitter shareholders to take control of the company.
The executive has argued that Twitter should be “turned” in a private company so that it can become a forum for freedom of expression. It is also saying that the interests of Twitter’s board members are “simply not aligned with the shareholders” and that the board owns “almost no shares” in the company.