Elon Musk threatens Twitter board after the poison pill tactic

Billionaire Elon Musk is now issuing direct threats to the board of Twitter by saying their salary will be $0 if his bid succeeds. "That's $3 million a year saved right there," tweeted Musk.

His remarks come a day after the social media platform adopted the poison pill tactic to prevent a hostile takeover by Musk. Twitter chose a plan to sell shares at a discount to prevent from anyone amassing more than a 15% stake in the company.

He currently has a 9.1% stake in Twitter and is the second-biggest shareholder. The Tesla founder did not take lightly to the Twitter board's refusal. Musk had offered to buy the company for $43 billion. Since he bought a stake in Twitter, Musk has been tweeting ideas like eliminating ads and introducing an edit button.

Musk has 80 million followers on Twitter, and he wants the platform to be more welcoming to free speech. Calling himself a "free speech absolutist", the entrepreneur claims that the microblogging platform will have a lot of potentials if it goes private.

Musk has also pointed out that the Twitter board collectively owns almost no shares after Jack (Dorsey) departs. "Their economic interests are simply not aligned with shareholders."

Twitter co-founder and former CEO Jack Dorsey broke silence over the recent developments a day ago and called the current board "consistently the dysfunction of the company". Dorsey stepped down as Twitter CEO last year and will remain a board member till next month.

At the TED 2022 conference in Vancouver last week, Musk said that he has a plan B if Twitter does not accept his offer but did not reveal any details. He had stated his offer to buy the social media giant is "best and final." Musk also threatened to reconsider his position as a shareholder if the board does not agree to sell.