Musk said he won't pay board members if he acquires the micro-blogging site.
If my bid succeeds, the board salary will be $0, which will save me $3 million a year.
Musk responded to a thread that claimed the company's interests are not aligned with shareholders.
The compensation of the 11 board members who make about $2.9 million in cash and stock awards was highlighted in a thread by Future Fund managing partner Gary Black.
—Elon Musk (@elonmusk) April 18, 2022
On Saturday, Musk said that the economic interests of the board are not aligned with shareholders.
—Elon Musk (@elonmusk) April 16, 2022
Musk is attempting to take the company private with a $43 billion bid.
Musk has built up a large stake in the company this year, equating to 9.1% of the firm. According to an SEC filing first reported by the Wall Street Journal, he was briefly the company's biggest shareholder before investment firm Vanguard increased its stake to 10.3%.
Musk walked back his decision to join the board a few days after the announcement.
A shareholder rights plan will be used by the board to fend off Musk's takeover bid. It works by increasing the number of shares in a company, making it harder for anyone to buy all of them.
The richest person in the world is Musk with a net worth of $255 billion.
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