The all-male directorship at Twitter is rewarding itself handsomely for running a business that makes no money, Footnoted reports. The salary for attending board meetings, while your company bleeds money? Now up to $16 million per year.
These are people who, by traditional business metrics of "earning money" and "doing things that don't lose tens of millions of dollars," aren't terribly deserving of a raise. But an update to Twitter's pre-IPO documentation shows deserve ain't got nothin' to do with it:
The disclosure sets the value of initial stock grants for Twitter's five outside board members at
a minimum ofup to $16 million each, double what the company had initially planned, though that number too was new to yesterday's amended filing.
Just to put this into perspective, we went back and skimmed the pre-IPO filings for both Google and Facebook to see what those directors got: two of Facebook's directors received around $600K worth of stock each, which isn't even close.
We're sort of running out of ways to say this, but let's say it once more: the leadership of a company that is very far from turning a profit is rewarding itself with tens of millions of dollars in stock grants.