• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
FinanceElon Musk

Elon Musk threatens to cut Twitter board members’ salaries to $0 as his takeover bid morphs into a referendum on the company

Will Daniel
By
Will Daniel
Will Daniel
Down Arrow Button Icon
Will Daniel
By
Will Daniel
Will Daniel
Down Arrow Button Icon
April 18, 2022, 1:39 PM ET
Add Fortune on Google for similar content.

When Tesla CEO Elon Musk revealed he had made a nearly $3 billion investment in Twitter on April 4, not many would have anticipated the soap opera that was about to begin.

In a matter of weeks, Musk went from deciding whether or not he would join Twitter’s board to launching a full-blown $43 billion hostile takeover bid to gain control of the company.

Twitter’s board members responded to the unwelcome offer on Friday by taking a so-called poison pill designed to prevent the billionaire entrepreneur from completing his takeover—or at least make the whole process less appetizing. The pill, known formally as a limited duration shareholder rights plan, will allow current Twitter shareholders to buy stock at a discounted rate if Musk’s bid is accepted. 

It’s a move that didn’t sit well with Musk.

On Monday, in response to a tweet that argued the Twitter board’s interests aren’t aligned with its shareholders because of a lack of insider ownership, Musk said that if he is able to acquire the company, he will cut board members’ salaries to $0.

“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” he wrote.

Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there

— Elon Musk (@elonmusk) April 18, 2022

Musk’s tweet about board members’ salaries is yet another sign that his original bid to buy Twitter has transformed into a referendum on the company.

Musk has criticized the board’s low level of ownership in several recent tweets. “Objectively, their economic interests are simply not aligned with shareholders,” he wrote on Saturday. 

And the Tesla CEO isn’t alone. Twitter cofounder Jack Dorsey has also been vocal about his growing distaste for his company’s board. On Saturday, the former CEO said the board has “consistently been the dysfunction of the company” in response to a thread from Garry Tan, cofounder of VC firm Initialized Capital, describing the “plots and coups” that went on during the early days of the company.

Dorsey also responded to a tweet that quoted venture capitalist Fred Destin’s critique of corporate boards: “Good boards don’t create good companies, but a bad board will kill a company every time.”

“Big facts,” the Block CEO wrote.

The board’s move to take a poison pill even led Musk to publicly question whether it should be involved in the process of deciding who can acquire the company at all.

Last Thursday Musk tweeted a poll that said: “Taking Twitter private at $54.20 should be up to shareholders, not the board?” 

A whopping 83.5% of respondents said yes, illustrating the growing anti-board sentiment among Musk’s faithful following. 

On Monday, the billionaire hinted at a possible tender offer to Twitter shareholders in response—a public request to buy stock directly from them. That could enable Musk to get around the board’s unwillingness to sell the company.

It’s just another move in the “game of high stakes poker between Musk and Twitter’s Board,” which could last up to 18 months, if history is any guide, Wedbush’s Dan Ives said in a note this weekend.

Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you.

About the Author
Will Daniel
By Will Daniel
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Current refi mortgage rates report for July 1, 2026
Personal FinanceReal Estate
Current refi mortgage rates report for July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
2 hours ago
Current ARM mortgage rates report for July 1, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
2 hours ago
Mortgage rates today, July 1, 2026
Personal Financemortgages
Mortgage rates today, July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
2 hours ago
Nike’s earning numbers exceeded Wall Street’s expectations. But CEO Elliott Hill’s next test is the World Cup
RetailNike
Nike’s earning numbers exceeded Wall Street’s expectations. But CEO Elliott Hill’s next test is the World Cup
By Mia OsmonbekovJune 30, 2026
12 hours ago
Young couple looking sad in front of a home with a for sale sign
Real EstateHousing
Gen Z and millennials aren’t convinced the American Dream exists anymore: Only 40% of them can afford to buy a home
By Tristan BoveJune 30, 2026
14 hours ago
Russian President Vladimir Putin
EconomyRussia
It started with one viral influencer complaining about Russia’s economy. Now a record 60% of Russians are pessimistic about their country’s outlook
By Tristan BoveJune 30, 2026
15 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
6 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
4 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
AI
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
By Catherina GioinoJune 29, 2026
1 day ago
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
Commentary
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
By Marc AndersenJune 30, 2026
21 hours ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.