After Twitter’s board adopted a “poison pill” plan, Elon Musk took to the social media platform to take aim at the company.
“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk tweeted.
He also shared a poll asking followers whether “taking Twitter private at $54.20 should be up to shareholders, not the board.” Of the over 2.8 million responses, 83.5% voted “yes”.
The poison pill plan, which is set to expire April 2023, is intended to protect Twitter from an unwanted takeover. If a person or entity acquires more than 15% of the company’s stock without board approval, current shareholders can purchase discounted shares, making the takeover less valuable.
Twitter cofounder and former CEO Jack Dorsey has also joined the conversation amidst the Musk saga, tweeting that the social media platform’s board has “consistently been the dysfunction of the company.”
Twitter shares have grown around 15% since news of Musk’s 9.2% stake purchase was announced. However, at $46.84, shares are still below his proposal to buy the company for $54.20 per share.
