4 ms·
Correct. Their interest is more aligned with cultural power and country club status. They also draw huge salaries for what amounts to a nice part time job. Elo
by memish 5y ago
Correct. Their interest is more aligned with cultural power and country club status.
They also draw huge salaries for what amounts to a nice part time job. Elon's response to that:
"Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there" https://twitter.com/elonmusk/status/1516056299376623626 https://twitter.com/elonmusk/status/1516056299376623626
- systemvoltage 5y agoIf this is true, can shareholders (if they wanted to) sue the Board for being deaf to shareholder interest? Or just fire the Board and elect a new one? What I am trying to understand is that – do the shareholders want these people to have cultural power?
- namelessoracle 5y agoone of the larger shareholders is a Saudi Prince who for sure has his stake for reasons other than shareholder value.
- fit2rule 5y ago
- gregschlom 5y agoI would guess yes based on Matt Levine's series "Everything is Securities Fraud" (https://www.bloomberg.com/opinion/articles/2019-06-26/everything-everywhere-is-securities-fraud https://www.bloomberg.com/opinion/articles/2019-06-26/everyt...)
- pas 5y agoif Musk can convince enough shareholders to call a vote they can vote on it directly. so usually the problem is trying to find the shareholders (or their proxies) and convincing them. (for example if half of twitter is owned by passive index funds it might be hard to persuade them to do anything)