Twitter currently has 11 board members, including co-founder Jack Dorsey and recently-appointed chief executive officer Parag Agrawal.
In a tweet on Monday, Musk wrote,” “Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there”. Musk was responding to a tweet by Gary Black, an investment advisor, who alleged that the board of directors’ interests are not in line with the interests of the company’s shareholders.Black said that if Musk acquires Twitter, the board members would lose their $250,000 -$300,000 per year jobs.April 18, 2022According to a filing with the U.S Securities and Exchange Commission , Twitter gives approximately $2.9 million in cash and stock awards to board members.
Musk had claimed earlier that Twitter’s current board members collectively own relatively few shares of the company.AdvertisementWow, with Jack departing, the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.
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