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.
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.