Tesla Inc CEO Elon Musk attends the International Synthetic Intelligence Convention (WAIC) in Shanghai, China August 29, 2019.
Aly Music | Reuters
Elon Musk stated Monday that Twitter’s board of administrators may not be compensated for serving if he acquires the corporate.
“Board wage will probably be $0 if my bid succeeds, in order that’s ~$3M/yr stored proper there,” Musk stated in a tweet.
It isn’t transparent who can be appointed to serve the board of a Musk-owned Twitter. Recently, Twitter spends about $2.9 million in money and inventory awards to board contributors, in line with a submitting with the SEC. Executives don’t obtain further repayment for his or her seats, so that doesn’t come with bills for CEO Parag Agrawal and previous leader Jack Dorsey.
The Tesla and SpaceX CEO has been on a tear to obtain Twitter. After build up greater than 9% in inventory, Musk introduced to shop for Twitter in a deal valued at about $43 billion. In reaction, Twitter followed a restricted length shareholder rights plan, regularly known as a “poison tablet,” so that you could fend off a possible opposed takeover. Musk can also be making an allowance for a possible smooth be offering to Twitter shareholders to take keep watch over of the corporate.
The outspoken govt has argued Twitter must be “remodeled” into a personal corporate so it could possibly grow to be a discussion board without spending a dime speech. He is additionally stated that Twitter’s board contributors’ pursuits “are merely now not aligned with shareholders” and that the board “owns nearly no stocks” of the corporate.
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