Musk Hits Back at Twitter Boards, Offering Zero Salary if He Acquires the Company

Tesla’s CEO Elon Musk said that Twitter’s board of directors will get nothing from serving in the positions if he ever acquires the company. 


After rising to Twitter’s major shareholder, holding 9% stake in the company, Musk had made a tender offer to buy Twitter at a value of about $43 billion. However, the social media platform’s board of directors adopted a limited duration shareholder rights plan, often known as “poison pill” in a move to ward off potential hostile takeover.

Under Twitter’s new structure, if any person or group acquires beneficial ownership of at least 15% of the company’s outstanding common stock without the board’s approval, it will allow other shareholders to purchase additional shares at a discount. 

Meanwhile, to Twitter’s shareholders, Musk may also be considering a potential tender offer to takeover the company.


“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk tweeted after the new adoption from Twitter’s boards.

According to Twitter’s filing, the company spends around $2.9 in cash and stock awards to its board of directors.