Elon Musk says Twitter board members, who receive $3 million collectively, will not be paid if he buys the company

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Elon Musk says Twitter board members, who receive $3 million collectively, will not be paid if he buys the company
Elon Musk has offered to buy Twitter for $43 billion.Yasin Ozturk/Anadolu Agency via Getty Images
  • Twitter's 11 board members collectively make $2.9 million in cash and stock awards.
  • Elon Musk said he will not pay board members if he manages to acquire Twitter.
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Elon Musk said he will not pay board members if he manages to acquire Twitter.

"Board salary will be $0 if my bid succeeds, so that's ~$3M/year saved right there," Musk tweeted on Monday.

Musk was responding to a Twitter thread about the company's board that claimed its interests are not aligned with shareholders.

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The thread, by Future Fund managing partner Gary Black, also highlighted the compensation of the 11 Twitter board members who collectively make about $2.9 million in cash and stock awards, according to a US Securities and Exchange Commission filing.

Musk's tweet about board member compensation came after he tweeted on Saturday that the "economic interests" of Twitter's board are "simply not aligned with shareholders."

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Twitter is currently trying to block Musk's $43 billion bid to take the company private.

Musk is the social media platform's biggest individual shareholder after building up a large stake in the company this year, equating to 9.1% of the firm. He was also briefly the company's biggest overall shareholder, until investment firm Vanguard upped its stake to 10.3% of the firm, according to an SEC filing first reported by the Wall Street Journal.

Earlier this month, Twitter announced the billionaire would join its board of directors — but said a few days later Musk walked back the decision.

Twitter's board has since said it will deploy a "poison pill" defense — also known as a shareholder rights plan — to fend off Musk's takeover bid. It works by increasing the total number of a company's shares, making it harder for any interested party to buy up all of the stock.

Musk is the world's richest person, with an estimated net worth of $255 billion, according to the Bloomberg Billionaires Index.

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