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by cryptonector
1298 days ago
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A publicly held corporation does have a fiduciary duty to maximize shareholder value, but managers often do things that they can argue might maximize shareholder value in opposition to what the shareholders believe. The managers almost always get their way, even when they turn out to have been wrong, or even when they never sincerely meant to maximize shareholder value. Sometimes shareholders rebel and sue. Sometimes the lawsuits work out in the shareholders' interests. As to the specific matter here, Twitter is now a privately held corporation. It has no such fiduciary duty. The lenders can presumably call their loans if they think Musk will bankrupt the company. Musk can legitimately believe that his vision regarding free speech will maximize the company's value, and he could be right or wrong, or he could be making it all up as he goes and not be sincere about anything, and he gets to. I'm not a mind reader, so I won't hazard a guess as to what he thinks about freedom of speech and profitability. |
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