If he acquires the company, the board of directors won't be compensated for their service, according to Musk.
If my bid succeeds, the board salary will be $0, saving $3 million a year.
It is not clear who would be appointed to serve on the board. According to a filing with the SEC, the company spends about $2.9 million in cash and stock awards to board members. Executives don't get additional compensation for their seats, so it doesn't include payments for CEO Parag Agrawal and former chief Jack Dorsey.
The CEO of the two companies has been trying to acquire the social networking site. After building up more than 9% in stock, Musk offered to buy the company for $43 billion. A poison pill is a shareholder rights plan that is adopted by a company to ward off a hostile takeover. Musk may be considering a tender offer to take control of the company.
The executive has argued that the company needs to be transformed into a private company so it can become a forum for free speech. He said that the interests of the board members are not aligned with shareholders.
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