Billionaire investor and Tesla chief executive officer Elon Musk is continuing his plans for a hostile takeover of the popular social media app Twitter. According to media reports, Musk announced that he won’t pay the board if he acquires the company. Musk made his bid known to the social network’s board of directors. Twitter’s board responded on April 14 to Musk’s offer to buy the stock for an estimated $43 billion or $54.20 per share, a jump above its recent stock prices in an open letter.
Musk tweeted his plans for the board as the possible takeover heats up.
“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” he tweeted on Monday in response to a user.
Currently, Twitter’s board of directors earns between $250-$300k per year. Musk, who owns about 9 percent of Twitter’s stock has goals of taking the social network private and making the platform more friendly to different types of free speech.
“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” the board said in a public letter to Musk.