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/
“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