Re:Bye Twitter – Manu Cornet
by awb on Thursday November 03, 2022 @10:37PM
(#33461294)
It's swapping one bubble for another. From the recent tweets it looks like Musk has a clear vision he wants implemented and isn't really looking to add a lot of diverse opinions to his thought process. He has more FU money than anyone else alive (even if Twitter goes to 0), so I'm pretty sure he'll turn it into whatever new bubble he wants.
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Re:Bye Twitter – Manu Cornet
by stoicjumbotron on Thursday November 03, 2022 @11:12PM
(#33461606)
So hypothetically speaking if Twitter goes to 0 or close to it, no monetory penalty will be slapped to Musk as it is private?
Damn!
You mean other than losing the $44 billion? What additional penalty would there be if Twitter were public?
Re:Bye Twitter – Manu Cornet
by ghostpepper on Friday November 04, 2022 @12:12AM
(#33462114)
Ostensibly a CEO owes a fiduciary duty to shareholders to protect their investment
But Musk took Twitter private, there’s no shareholders to please.
Re:Bye Twitter – Manu Cornet
by throwawaylinux on Friday November 04, 2022 @12:49AM
(#33462328)
Private doesn't mean no shareholders.
There were $13 billion in loans, and private investments from other folks like Larry Ellison and Suadi Prince Alwaleed bin Talal as well as some private equity firms.
So yes, there are shareholders, and there are creditors, it's just that in the private equity world, "caveat emptor" applies, they are expected to be sophisticated and wealthy enough to not need the protections given to investors in publicly traded companies.
From his recent tweets he has said exactly the opposite; that he will build a "council" of diversified opinions and cultures, or something of the sort.
Whatever that means or if it's ever actually happening though remains to be seen.