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> With a 75% majority, the other shareholders could vote to nullify his shares and make them worthless. This is unbelievable. Can you share a credible source?
by systemvoltage 5y ago
> With a 75% majority, the other shareholders could vote to nullify his shares and make them worthless.
This is unbelievable. Can you share a credible source?
- Zerverus 5y agoSee Facebook founders :shockedpicachu: when Americans find out that corporate governance isn’t nearly as restrictive as democracy.
- Closi 5y agoThis would not be possible in this case - it would be a clear breach of fiduciary responsibility and immediately picked up by musks legal team. Even in facebooks case before they went public, they were sued for this and ultimately settled for $5.5 billion.
- FranksTV 5y agoFacebook wasn't publicly traded when they did that. It's a different beast after you IPO.
- cloutchaser 5y agoI don’t think that’s right. They could issue new shares to dilute him but then you’d need people to buy those and the money needs to arrive in the business. It would also probably mean Twitter shares crashing to 0 in the public markets, not exactly in the interest of the 75%