Elon Musk at TED 2017 interview|Steve Jurvetson|CC BY 2.0
Twitter board of directors will not be compensated for serving if he acquires the social media company, said Elon Musk on Monday.
“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk said in a tweet.
The tweet follows Musk’s offer to buy Twitter for $43 billion, with $54.20 per share. The Twitter Board on Friday responded to Musk’s proposal with a defensive move, known as a ‘poison pill’ to prevent his hostile takeover deal.
According to a filing with the SEC, Twitter spends close to $2.9 million in cash and stock awards to board members, currently.
It is unknown who would be appointed to join the board if Tesla and SpaceX CEO owns Twitter.
