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Reporting

Elon Musk Issues Warning About Twitter Board Salary if He Takes Over the Company

Tesla CEO Elon Musk suggested Twitter board members would not be paid if he acquired the company. “Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk tweeted. Musk was responding to…

Savannah Rychcik·Apr 18, 2022·2 min read

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Tesla CEO Elon Musk suggested Twitter board members would not be paid if he acquired the company.

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

Musk was responding to a tweet that argued if he took over Twitter the board members “don’t have jobs any more, which pays them $250K-$300K per year for what is a nice part-time job.”

Over the weekend, Musk appeared to comment on Twitter’s efforts to thwart his offer to buy the company, as The Hill reported.

He tweeted, “Love Me Tender.”

The Hill pointed out it could be that he is considering a tender offer to Twitter shareholders.

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According to

, a tender offer is a “bid to purchase some or all of shareholders’ stock in a corporation.”

The website explains, “Tender offers are typically made publicly and invite shareholders to sell their shares for a specified price and within a particular window of time. The price offered is usually at a premium to the market price and is often contingent upon a minimum or a maximum number of shares sold.”

Over the weekend, Musk also suggested the Twitter board does not have the same vision as shareholders.

“Wow, with Jack departing, the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders,” Musk tweeted.

Former Twitter CEO Jack Dorsey appeared to blast the board amid its handling of the Musk saga.

A Twitter user wrote, “If look into the history of Twitter board, it’s intriguing as I was a witness on its early beginnings, mired in plots and coups, and particularly amongst Twitter’s founding members. I wish if it could be made into a Hollywood thriller one day.”

Dorsey responded, “It’s consistently been the dysfunction of the company.”

Earlier this month, it was announced that Musk would be joining the board.

Just days later, Twittersaid that was no longer the case.

Elon Musk Issues Warning About Twitter Board Salary if He Takes Over the Company — IJR