‘Board salary will be $0 if my bid succeeds’: Elon Musk’s another dig at Twitter

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Elon Musk has recently offered to buy Twitter at a whopping $43 billion. 

Highlights

  • Members of board will get zero salary if my $43 billion takeover bid succeeds, Musk said
  • Musk said if this happens $3 million per year will be saved right, he added.
  • With 9.2 per cent stake, Musk is one of the largest shareholders in Twitter

Tesla CEO and SpaceX CEO Elon Musk has taken another dig at Twitter board, saying the members of the board will get zero salary if his $43 billion takeover bid succeeds.

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

He also tweeted “Love Me Tender”, an Elvis Presley song, after Twitter adopted ‘poison pill’ strategy to prevent Musk from forcefully buying it.

Musk earlier said that the Board of Twitter should be more concerned about other potential bidders than him who has made a fair offer to acquire 100 per cent of the micro-blogging platform for $43 billion.

“In fairness to the Twitter board, this might be more of a concern about other potential bidders vs just me”.

With 9.2 per cent stake, Musk is one of the largest shareholders in Twitter.

Asset management firm Vanguard Group disclosed last week that its funds now own a 10.3 per cent stake in Twitter which makes it the largest shareholder. Saudi Prince Al-Waleed bin Talal, who rejected Elon Musk’s offer, has about 5.2 per cent share in Twitter.

As Twitter adopts the ‘poison pill’ strategy, the Tesla CEO is reportedly speaking to investors who could partner with him on acquiring the micro-blogging platform.

Musk may join “private-equity firm Silver Lake Partners, which was planning to co-invest with him in 2018 when he was considering taking Tesla private”.

Egon Durban, who is the co-CEO of Silver Lake, is a Twitter board member.

ALSO READTwitter adopts ‘poison pill’ mechanism to shield itself from Elon Musk’s takeover bid

ALSO READ | ‘Board still evaluating Elon Musk’s offer’ to buy Twitter: CEO Parag Agrawal to employees

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