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.”
Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there
— Elon Musk (@elonmusk) April 18, 2022
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.”
🎶 Love Me Tender 🎶
— Elon Musk (@elonmusk) April 16, 2022
The Hill pointed out it could be that he is considering a tender offer to Twitter shareholders.
According to Investopedia, 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.
Wow, with Jack departing, the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.
— Elon Musk (@elonmusk) April 16, 2022
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.”
it’s consistently been the dysfunction of the company
— jack (@jack) April 17, 2022
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, Twitter said that was no longer the case.