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.
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
That’s not the case at all, though it’s very often believed to be and stated as such on here and Reddit.
https://www.nytimes.com/roomfordebate/2015/04/16/what-are-corporations-obligations-to-shareholders/corporations-dont-have-to-maximize-profits
https://web.archive.org/web/20240529061049/https://skeptics.stackexchange.com/questions/8146/are-u-s-companies-legally-obligated-to-maximize-profits-for-shareholders
It was a public company, the shareholders would’ve sued them, no?
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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.