News for hackers. Stuff that matters.

A comment on Twitter’s mass layoffs have begun. Parent comment

Re:Twitter’s mass layoffs have begun by gscott on Friday November 04, 2022 @06:34PM (#33474899)
Twitter could have let him out of the deal but forced it. This is all on the (now former) board of directors who probably received a nice payout for a new mansion.
[ Parent | on HN ]
Re:Twitter’s mass layoffs have begun by sleepybrett on Friday November 04, 2022 @08:17PM (#33476089)
He could have, at any time, just paid the 1bil breakup free.
[ Parent | on HN ]
Re:Twitter’s mass layoffs have begun by epakai on Saturday November 05, 2022 @03:19AM (#33478801)
That fee was for external factors causing the deal to fail. Musk was already committed. His attempt to walk away was construed as breach of contract, and he would be liable for much more than the fee if that had happened.
[ Parent | on HN ]
Re:Twitter’s mass layoffs have begun by epakai on Saturday November 05, 2022 @03:14AM (#33478778)
This was not an option with a publicly owned company. For the board members to walk away from this offer would have breached their fiduciary duty. They certainly benefitted as did everyone else with stock.
[ Parent | on HN ]