Elon Musk wants to cut Twitter CEO’s pay if he takes over

Elon Musk wants to cut Twitter CEO's pay if he takes over

In controversy over a possible acquisition of short messaging service Twitter, Tesla bosses have followed suit. If this is successful, the board members will no longer receive salaries.

Company Around Short Message Service Twitter is a multi-billionaire Elon Musk Not yet welcomed with open arms – the company has been protesting the intended acquisition by the Tesla boss since its announcement.

Musk’s latest statement is likely to deepen the rift between the Tesla boss and the Twitter board. In response to a post by a Twitter user showing the annual salaries of directors and their shares in the company, Elon Musk responded with a short sentence: “If my proposal is successful the director’s salary will be $0.”

Tesla bosses want to eliminate board members’ salaries altogether, which currently range between $250,000 and $300,000 a year. Musk says this could save the company about $3 million.

Management should hardly be involved in the company

In the United States, a “board of directors” usually performs the functions of a board of directors and a supervisory board – among other things, it is also supposed to represent the interests of shareholders. But that’s where Musk strikes the board: Leaving Twitter CEO jack dorsey Hardly anyone owns shares in the company — and Dorsey wants to step down from the board.

Even Dorsey called the board “a pervasive dysfunction in the company.” So Musk is not alone in his rejection, with many users criticizing the board as well. It is very rarely involved in both the shares in the company and the social network.

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“Elon Musk: 17,400 Tweets, Board Member Robert Zolic: 0 Tweets,” a user compares the social media behavior of Musk and a board member.

The struggle for the company leads to restraint among investors. After a sharp rise since the first acquisition announcements, prices have fallen by more than 6 percent over the past few days.

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