Today billionaire Elon Musk responded to Twitter board’s “poison pill” in a tweet saying that “Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there.” The Twitter board had issued a press release about the poison pill to to protect itself from Elon Musk’s takeover bid.
He made this statement in response to a user’s post criticizing the board. See below
Gary Black, Managing Partner, The Future Fund LLC, SEC registered investment adviser had tweeted the statement below:
“Let me point out something obvious: If @elonmusk takes $TWTR private, the TWTR board members don’t have jobs any more, which pays them $250K-$300K per year for what is a nice part-time job. That could explain a lot.”
As at the time of publishing this article, he has not expatiated on the tweet.
Elon Musk indicated his interest in Twitter when he first acquired 9.2% of the social media making him the largest shareholder. Though he was dislodged some days after to the second position when Vanguard group increased its holding from 8.4% (67.2 million shares) to 10.3% (82.4 million shares).
Elon Musk then proceeded to make a cash offer of 100% of the company which now caused Twitter board to come out with the “poison pill”
