Posted on 04/18/2022 8:48:51 AM PDT by shadowlands1960
Musk says salaries for the current board cost $3 million
Elon Musk Twitter bid has some employees excited, some nervous: Tech expert
Billionaire Elon Musk would cut the salaries of Twitter's board of directors to zero if his ongoing attempt to purchase the company succeeds, Musk announced Monday.
Musk offered to purchase Twitter and take it private for $54.20 last week, and Twitter's board is working to fight off the buyout. Board members currently make between $200,000 and $300,000 salaries, equating to an annual cost of roughly $3 million for the company.
"Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there," Musk tweeted.
(Excerpt) Read more at foxbusiness.com ...
It turns out these board members are not shareholders. No skin in the game which is why they turned down Musks offer
I’ve always believed that members sitting on organizations’ boards shouldn’t be paid. I consider it a civic volunteer position. It seems like those positions usually are given to already-wealthy grifters, and possibly a way to launder money and/or buy favor. (I could be wrong.)
Will bill gates step up? Think of the pro disease articles he could insert.
Board director is a great gig. You can be 110 years old and still be qualified to sit or sleep on the board because you have some recognition from a former life elsewhere. Before the POC rage took hold, boards were where former generals went to die.
Does anyone think that Musk can succeed with this?
The board members of a public company have fiscal responsibility. You are vulnerable to large lawsuits.
There is risk, but there is also insurance for such things.
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