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.
“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/
It’s a myth so widely pushed and accepted over the decades that just calling it a myth won’t be accepted as an argument against it at this point.
What I think is interesting is that this sense of fiduciary duty can be used by a company to do whatever they want. Mass layoffs are part of a fiduciary duty to cut costs. Mass hirings are part of a fiduciary duty to expand operations for growth. At this point it’s less a myth and more an excuse for doing whatever.
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.