It’s not like it was a hostile take over. They played their part when Musk talked shit and they sued him to follow through with the purchase. They could have easily kept it, but they wanted the money instead.
No, I don’t think that’s true. Twitters board had to sue for specific performance because Musk backed out of a formal offer in the late stages for fabricated reasons. It’s not like it was “sue musk or go to jail” but their job as board members comes with a fiduciary obligation, and musk was paying 38% over the share price. Twitter is FAR from blameless but sueing musk isn’t a failing https://corpgov.law.harvard.edu/2022/07/14/twitter-vs-musk-the-complaint/
Twitter has never, even dating back to it’s inception, never ever ever turned a profit. The whole reason Elon mockingly offered to buy it was because they were looking for, and struggling to find, a buyer. They just wanted to break even and walk away.
Instead Elon was like “Hur dur I got 43 billion for ya!” And Twitter was like “SOLD! No takesies backsies!”. And Elon was like “Wait, wut?”
And then Elon carried a sink through the lobby in protest.
It’s not like it was a hostile take over. They played their part when Musk talked shit and they sued him to follow through with the purchase. They could have easily kept it, but they wanted the money instead.
Not that they are blameless - far from it - but they had a fiduciary responsibility to pursue the deal because it was good for their shareholders
“Fiduciary duty to get profit” is a libertarian myth. It has no legal basis.
No, I don’t think that’s true. Twitters board had to sue for specific performance because Musk backed out of a formal offer in the late stages for fabricated reasons. It’s not like it was “sue musk or go to jail” but their job as board members comes with a fiduciary obligation, and musk was paying 38% over the share price. Twitter is FAR from blameless but sueing musk isn’t a failing https://corpgov.law.harvard.edu/2022/07/14/twitter-vs-musk-the-complaint/
That’s not what I said. I said the “Fiduciary duty to make profit” that keeps being brought up whenever corpos act like sociopaths, is a myth.
Ok? But that’s not what the Twitter board claimed. I agree with your premise but that isn’t what happened here.
You literally used it as the reason in the comment I replied to
Twitter has never, even dating back to it’s inception, never ever ever turned a profit. The whole reason Elon mockingly offered to buy it was because they were looking for, and struggling to find, a buyer. They just wanted to break even and walk away.
Instead Elon was like “Hur dur I got 43 billion for ya!” And Twitter was like “SOLD! No takesies backsies!”. And Elon was like “Wait, wut?”
And then Elon carried a sink through the lobby in protest.
It was a public company, the shareholders would’ve sued them, no?
OP might be talking about the user base, not the owners.