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Billionaire tech mogul Elon Musk said that, if his Twitter takeover attempt is successful, the company’s Board of Directors will go from being paid millions per year to zero.
“Board salary will be $0 if my bid succeeds, so that’s ~$3 [million]/year saved right there,” Musk said in a tweet that was part of a thread that claimed the interests of Twitter’s board members are not in line with those of the company’s shareholders.
Twitter’s board members currently receive around $2.9 million in cash and stock awards, according to an SEC filing.
Musk was responding to a thread by investment advisor and Future Fund managing partner Gary Black, who argued that Twitter board members’ interests aren’t aligned with shareholders and that it’s “obvious” that if Musk does manage to take Twitter private, the company’s board members “don’t have jobs any more.”
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