Like I don’t get it, he owns 9% of the shares, doesn’t he still need like 42% of other shareholders to vote in in as CEO? So isn’t he still subject to the will of the other shareholders? 🤔
(Disclaimer: I have no idea how this works, which is why I’m asking)
So Musk owns twitter so there is no stock anymore. He does have loans for the purchase which are probably backed by his twitter ownership and his Tesla stock.
However there is another way to not have majority ownership and still have majority voting power. Google has class A and class B shares. Each class A share gets 10 votes and class B shares get 1 vote.
Only the founders of Google got class A shares and if they are transferred to anyone but another founder they revert to class B shares. So they have a minority ownership and a majority vote.
Twitter still has shares, they just aren’t publicly traded
Your right. I thought the shares had be dissolved but they have not it’s just a privately traded company now.
It’s possible the shares were dissolved and some wholly new arrangement was made as a newly private company.