Elon Musk threatens Twitter board

Tuesday, 19 April 2022newsdesk

Billionaire entrepreneur Elon Musk has come up with a quick way to lop off some costs if he prevails in a bid to acquire Twitter: ceasing to pay the company’s board members, who have tried to block the takeover, allegedly to the detriment of the shareholders they supposedly represent.

New Delhi, 19 April 2022

As per news report of Rt.com, Musk, whose fortune is estimated at nearly $270 billion by Forbes, vowed on Monday to fire Twitter’s directors – or at least cut off their compensation – if and when his $43 billion takeover goes through. He made his comment in response to investment advisor Gary Black, who pointed out that Twitter has been paying its board members $250,000-$300,000 in cash and stock awards annually for their part-time work as outside directors. “Board salary will be $0 if my bid succeeds, so that’s $3 million/year saved right there,” Musk said in a Twitter post.

Source -Rt.com