May 23, 2022

Elon Musk vows to strip Twitter board members of salaries if he succeeds in buying Twitter

When billionaires pull corporate strings to advance a leftist agenda, they’re lauded for getting involved. When Tesla mogul Elon Musk does the same thing, he’s demonized and frozen out of a potential deal.

Musk has vowed to strip Twitter’s board members of their cushy salaries if he’s allowed to buy the social media platform, the Daily Caller reported. Some have speculated that may account for at least part of their resistance to his $43 billion cash offer.

After making waves by becoming the largest shareholder with a 9.2% stake in the company earlier this month, Musk went to the next level with his offer to buy the whole thing. He received resistance from the Board of Directors, including using a so-called “poison pill” that would essentially block the sale to a single shareholder.

Gary Black, investment adviser and managing partner for The Future Fund LLC, outlined exactly what the board would lose. “Let me point out the obvious: If @elonmusk takes $TWTR private, the TWTR board members don’t have jobs anymore, which pays them $250K-$300K per year for what is a nice part-time job,” Black tweeted over the weekend.

“That could explain a lot,” he added. Musk replied to Black’s tweet with the promise that the board members’ “salary will be $0 if my bid succeeds, so that’s $3M/year saved right there,” he pointed out.

Musk has spoken about his plan to turn Twitter into a platform that promotes Twitter to promote “healthy, functioning free speech” that he sees as a societal good. Part of the board’s resistance is likely due to the company’s commitment to silencing voices on the right.

The billionaire investor has taken them to task for that conflict of interest against the financial advantage to stockholders. “If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty,” Musk asserted. “The liability they would thereby assume would be titanic in scale.”

It’s refreshing to have a billionaire on the side of the American people for once. However, it’s clear that the leftists at Twitter are not about to give up on their power anytime soon.

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Catherine Terry (@guest_1286210)
1 month ago

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