Elon Musk, before acquiring Twitter for $44bn, vowed on implementing a few goals on the micro-blogging site. Out of which, one was to cut the executive’s and the board’s pay into nothing, which, according to Elon himself, would save Twitter around $3M/year — Elon took to Twitter.
He announced the compensation plan for the board in response to their poor alignment of economic interests with shareholders. For now, the total rollout of the board and executive pay at Twitter is around $2.9M/year, which Elon Musk seems to be saving for maximum profit of the company, and also by monetizing the Tweets.
Provided what Elon aims on implementing at Twitter, the company is currently becoming a barrier to Elon’s acquisition of taking over the source of all viral headlines. Elon owns the biggest chunk of the company’s overall shares, which equals around 9.1%, and also being the reason he offered to by Twitter.
A few days back, Twitter announced Elon finally acquiring Twitter, as they seem to have accepted his bid, but the latest headline has it that Elon has stepped down from his bid, which has made things more confusing.
Moreover, Elon does not look very happy with the current Chief Executive Officer of Twitter, Parag Agarwal, and hence, has his replacement ready, but has not signified who is it going to be. Contrarily, Parag, who is all hyped to make around easy $30M this year, has joined the board’s shareholder rights plan to ensure Elon’s bid backfires, and the possibility of him not acquiring Twitter dwindles at the least. The board calls its ‘poison pill’ defense, where it increases the overall number of the company’s shares, adding to the total value, and ultimately making it harder for the bidder to buy or even bid for the company. Elon, who is determined to make Twitter a platform that promotes freedom of speech and offers a couple of more user-friendly options, doesn’t look at giving up on letting Twitter slide off his hands