“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” he tweeted in a reply to Gary Black. Musk invoked Elvis Presley as he seemed to respond to the Twitter board announcing a “poison pill” that would that would grant some shareholders the right to purchase more stock in the event of any outside attempt to gain control of the company. He simply tweeted, “Love Me Tender.” The Twitter board’s proposal, which they call a “shareholder rights plan,” provides for the action to be triggered if a person or group acquires 15% or more of Twitter stock “in a transaction not approved by the Board.” The board’s plan was announced in a press release Friday, April 15. Twitter shares are currently trading at $48.25, up from $46.24 at the market open Monday. Musk’s buyout bid stands at $54.20 per share. Speculation abounds about Musk’s intent with Twitter, but he is indicating that he believes his purpose is to advance the cause of free speech.
