Twitter Board Could See their Salaries Drop to $0 if Elon Musk's Takeover Bid Succeeds

Elon Musk’s statement on the salaries was in response to another Tweet by the Managing Partner of The Future Fund LLC, Gary Black, who pointed out that the Twitter board took home between $250,000 to $300,000 annually for a ‘part-time job.’ Mr. Black further implied that the salary amount could explain why the Twitter board was so much against Elon Musk owning the company.

Gary Black believes that the Twitter board, in exemption of its founder Jack Dorsey, is ‘weak’ and likely has not rejected Elon’s offer. Additionally, the Twitter board was hoping to get higher bids with some directors wanting to keep their jobs as $250k per year was a good salary to keep.

Twitter Board Interests are Not Aligned With its Shareholders

In an earlier Tweet, Mr. Black had suggested that the Twitter board’s interests were not aligned with that of its shareholders. He said.

The $TWTR board’s interests aren’t aligned with TWTR shareholders. The board serves to represent shareholders. If they refuse to act in the best interest of [shareholders], they should be removed and replaced by new board members who understand their fiduciary obligations.

Elon Musk also echoed Gary Black’s opinion when he pointed out that the Twitter board ‘collectively owns almost no shares’ and ‘objectively, their economic interests are simply not aligned with shareholders.’

Elon Musk was referring to the following breakdown of shares owned by the Twitter board, according to which they own 0.12%, excluding Jack Dorsey’s 2.253%

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