Elon Musk Says Twitter Board Won’t Be Paid If He Buys It

April 18th, 2022 6:15 PM

Elon Musk said in a tweet that Twitter’s board would not be paid if he bought it. “Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” he tweeted. The comments came after Musk said that Twitter would be nothing like Facebook if he purchased it.

"As for media sort of ownership, I mean, you've got Mark Zuckerberg owning Facebook and Instagram and WhatsApp, and with a share ownership structure that will have Mark Zuckerberg the 14th still controlling those entities," he said. "Like, literally," Musk added. "We won't have that at Twitter." 

NewsBusters reported that Musk said that his offer to buy Twitter was “not a way to make money” but was instead about promoting freedom of speech. "I'm not saying that I have all the answers here, but I do think that we want to be just very reluctant to delete things," he noted. "And just be very cautious with permanent bans. Timeouts, I think, are better than permanent bans."

Last week, Twitter implemented a “poison pill” strategy in an effort to prevent Elon Musk from purchasing the platform for $43 billion. Twitter said the plan was in response to “an unsolicited, non-binding proposal to acquire Twitter.”

“The Rights Plan is intended to enable all shareholders to realize the full value of their investment in Twitter,” Twitter said of the strategy. “The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders.”

The platform didn’t outright decline the offer, however, and stated that “the Rights Plan does not prevent the Board from engaging with parties or accepting an acquisition proposal if the Board believes that it is in the best interests of Twitter and its shareholders.”

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