Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, on March 22, 2022.Elon Musk told banks that agreed to help fund his $44 billion acquisition of Twitter Inc that he could crack down on executive and board pay at the social media company in a push to slash costs, and would develop new ways to monetise tweets, three people familiar with the matter said.
Musk has tweeted about eliminating the salaries of Twitter's board directors, which he said could result in about $3 million in cost savings. Twitter's stock-based compensation for the 12 months ending Dec 31, 2021 was $630 million, a 33 per cent increase from 2020, corporate filings show. Musk told the banks he also plans to develop features to grow business revenue, including new ways to make money out of tweets that contain important information or go viral, the sources said.
Musk, whose net worth is pegged by Forbes at $246 billion, has indicated he will support the banks in marketing the syndicated debt to investors, and that he may unveil more details of his business plan for Twitter then, the sources said.
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