Elon Musk offered $43 billion to Twitter after announcing his shareholdings in the social media giant company ‘Twitter’ but board members of the company denied to accept his proposals and filed a suit against Elon Musk for not disclosing his holdings in the company under the US law. Musk now said the salary of the Company’s board members salary should be $0 and he would save $3 million per year if his bid goes successful.

Highlights

Billionaire Elon Musk has a 9.1 percent stake in Twitter
He said the privatization of Twitter should be on shareholders
Shares of the Twitter jumped by 4% to $46.85 (INR 3,580)

Also Read: Elon Musk's Forced Settlement with US Securities Regulator Over Tesla Tweets

Elon Musk commented on Twitter’s board of members on Monday after the social media company adopted a “Poison Pill” for ensuring protection against the second-biggest shareholder which was offering $43 cash buyout offer.

A billionaire investor Elon Musk tweeted yesterday for the board of Twitter “Board salary will be $0 if my bid succeeds, so that’s - $3 million/ year (INR 22 crore) saved right there,” this was his tweet in a response to a user’s post criticising the board.

Twitter is not healthy of Musk’s behavior and his action, he had done of the company. Musk has the nature of free speech absolutist and he has been critical of Twitters’ policies. Further, they did not elaborate on the tweet and Twitter did not comment on the request for comment.

Following a long fight between Musk and Twitter, Musk has launched a poll asking his 80 million followers if “Taking Twitter private at $54.20 (Rs 4,140) should be up to shareholders, not the board,” the poll was responded by a large majority as “Yes”.

Several other tech investors following Zack Dorsey also commented over the board of Twitter as “it’s consistently been the dysfunction of the company.

The share of the company Twitter, a social media giant was up about 4% at $ 46.85 (Rs 3,850). The current price of Twitters share is little low than the price at which Musk agreed to offer for each of the shareholders at $54.20 (Rs. 4,140) per share. Twitter’s share have risen after Elon Musk revealed his stake in Twitter.

Also Read: Musk wants Twitter as an 'arena for free speech' hence offered $43 billion for the Twitter Platform