I keep seeing people post that if the Twitter Board rejects Elon's offer, that they will have to resign for violating their fiduciary responsibility to the company.
Who exactly is going to force them to do that?
It's about ideology and control, not profits for these people. Without a legal mechanism that would FORCE them out, I see no reason why they would leave of their own accord. In their mind they ARE doing their duty and protecting Twitter's future.
Class action lawsuits are very effective
Peter Strokz wife is head of SEC enforcement last I checked.
Twitter can do anything it wants. Lawsuits? They would stretch it out for a decade.
They don’t have to follow rules.
This will get ugly, before it gets beautiful.
The SEC is a nutless monkey. They have almost zero power to handle anything other than weak ass fines. The DOJ (while also likely still compromised) is the heavy hitter for the bad shit.
Blackrock and Vanguard are the other two largest shareholders higher than Musk right now. This is to gaslight and reveal the shady investors. Blackrock and Vanguard run the dark money investments for the DS (Soros, Rothschild, etc.).
Over the target.
The class action lawsuit from shareholders will be enough to get the ball rolling.
At the annual shareholder meeting any share holder may submit a motion.
By law, the Board has to act in the interests of shareholders. If they reject a profitable offer, that acts against implied interests of shareholders...who own the stock to make money.
I believe that is a shareholder action. Someone correct me if I am wrong.
I think the board’s number one duty is to do what is best for the shareholders…if they reject an offer of $45 per share, while the shares are trading at $25 on the open market, sounds to me that they are delinquent in their duty to the shareholders…they can be forced out with a lawsuit now.
Like I said in a different post.....
Musk creates a Stock Buying Corp.....
Musk put people on it that think along similar Lines....
Musk increases HIS PERSONAL Sock in TWTR to a full 14.9%.....
His new Corp then BUYS another 14.9%....
End result is he controls 28.18% of TWTR Stock.....
What do you think will be the end results????
A best-case scenario for free speech
The majority shareholders don't care about their investments. They are only in it to support a censored content social communications platform. They are backing the boards hesitancy to allow Elon to buy it.
but, just to clarify, "the majority shareholders" does not necessarily constitute the majority of shareholders...
Exactly. That's why I reject the argument that the board would willingly resign, or that there will be a class-action from shareholders to force them out. If you hold stock in a company that's never turned a profit, you're doing it for ideological reasons.
If Musk wants control, he's just going to have to slowly buy it up on the open market. Which he is perfectly capable of doing.