Twitter’s board of directors should probably tread lightly if they wish to restore their lucrative six-figure salaries after Elon Musk eventually purchases the social media company and takes it private.
The world’s richest man is currently in a battle to buy Twitter, offering a heft $43 billion for the controversial social media company, but its board is reluctant, to say the least.
Always a Twitter troll, Musk revealed what would happen to Twitter’s board if he succeeds in taking the company private — and they aren’t happy about it. News broke over the weekend that Musk is seeking investment partners to purchase Twitter after the company adopted a “poison pill” technique used to stave off Musk’s eventual purchase.
A “poison pill” is used to jack up the price of Twitter by allowing board members to purchase shares well above the agreed-upon maximum percentage.
As a result, Elon Musk offered a million-dollar solution to eliminate some of Twitter’s overhead if he were to succeed in purchasing the company.
Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there
— Elon Musk (@elonmusk) April 18, 2022
Former Twitter CEO and co-founder Jack Dorsey seemingly turned on his own board this week as well. He’s voiced serious opposition to the board, claiming they’ve had a negative impact on his company.
it’s consistently been the dysfunction of the company
— jack⚡️ (@jack) April 17, 2022
Dorsey also said “big facts” in response to the following statement from venture capitalist Fred Destin: “What I do know for sure is that this old Silicon Valley proverb is grounded in age-old wisdom that still applies today: Good boards don’t create good companies, but a bad board will kill a company every time.”
When later asked if he was allowed to speak like this publicly given the fact that he is still on the company’s board, Dorsey responded, “No.”
no
— jack⚡️ (@jack) April 17, 2022
Elon Musk’s approach to buying Twitter spurred a complete energy shift in the social media scene. Often looked at as censorious and biased, these platforms have garnered a seriously negative reputation over the past years, especially after they banned a sitting U.S. President for seemingly no legitimate reason.
Musk is a strict adherent to freedom of speech and freedom of expression, thus terrifying the liberal elite, whose entire success is predicated on limiting certain individuals from expressing themselves online.
It’s unsure what’s in store for Twitter, but Musk’s billion-dollar move is admirable, to say the least.
Author: Elizabeth Tierney
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