Elon Musk's Plan to Save Twitter Nearly $3M
“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk said in a tweet.
Colby Fifer 
On Monday, Elon Musk said that Twitter's board of directors won't be compensated for serving if he acquires the company.
“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk said in a tweet
Former CEO, and exisiting legend Jack Dorsey is currently on the board, but has planned to leave when his term expires in may 2022.
It’s not clear yet who would be appointed to serve the board of a Musk-owned Twitter. Currently, Twitter spends about $2.9 million in cash and stock awards to board members, according to a filing with the SEC. This does not included any payments to former or current CEO of the company, Parag Agrawal and Jack Dorsey.
Dorsey, critzied the board for the actions.
Responding to another Twitter user describing the “plots and coups” that played out early on in the history of Twitter’s board, Dorsey replied, “it’s consistently been the dysfunction of the company.”
Earlier, he responded to another tweet in the same thread. It quoted venture capitalist Fred Destin citing what he called a “Silicon Valley proverb”: “Good boards don’t create good companies, but a bad board will kill a company every time.”
Dorsey responded, “big facts.”
What do you think would be the best outcome?
We should see the final outcome in the coming weeks. Exciting stuff!
