https://arab.news/y7nqj
RIYADH: Tesla and SpaceX CEO Elon Musk tweeted that board members would get zero salaries if his $43 billion takeover bid was successful.
"Board salary will be $0 if my bid succeeds, so that's $3 million/year saved right there," Musk tweeted on Monday.
Musk previously said Twitter's board should be more concerned about other potential bidders after his bid for a 100 percent stake in the microblogging platform.
"In fairness to the Twitter board, this might be more of a concern about other potential bidders vs just me,” Musk said.
Musk is the largest individual shareholder in Twitter, after his recent 9.2 percent stake, Business Insider reported.
Prince Alwaleed bin Talal, the Saudi billionaire businessman, who rejected Elon Musk's offer, owns about 5.2 percent of Twitter.
As Twitter adopts the 'poison pill' strategy, Musk is reportedly speaking to investors who could partner with him on acquiring the micro-blogging platform.
A 'poison pill' strategy gives existing shareholders the right to purchase additional stock at a significant discount, thus diluting the holdings of a new, hostile investor.
It is officially known as a shareholder rights plan, and will stay in place for a limited duration of one year.
Musk may join private equity firm Silver Lake Partners, which was planning to co-invest with him in 2018 when he was considering acquiring Tesla privately.