this post was submitted on 03 Oct 2024
228 points (87.5% liked)
Showerthoughts
30049 readers
823 users here now
A "Showerthought" is a simple term used to describe the thoughts that pop into your head while you're doing everyday things like taking a shower, driving, or just daydreaming. A showerthought should offer a unique perspective on an ordinary part of life.
Rules
- All posts must be showerthoughts
- The entire showerthought must be in the title
- Avoid politics
- 3.1) NEW RULE as of 5 Nov 2024, trying it out
- 3.2) Political posts often end up being circle jerks (not offering unique perspective) or enflaming (too much work for mods).
- 3.3) Try c/politicaldiscussion, volunteer as a mod here, or start your own community.
- Posts must be original/unique
- Adhere to Lemmy's Code of Conduct
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
That's not what I said. I said the "Fiduciary duty to make profit" that keeps being brought up whenever corpos act like sociopaths, is a myth.
Ok? But that’s not what the Twitter board claimed. I agree with your premise but that isn’t what happened here.
You literally used it as the reason in the comment I replied to
But they literally HAVE a fiduciary obligation. I agree with you that people use that as an excuse for heinous shit, but in this case they had a formal, legally binding offer. Musk was in breach of contract and they sued for specific performance or damages. Musk didn’t want to pay the damages. If they didn’t sue, Twitter would forfeit I think $1bn in damages and their stock would tank. Not suing would open the door for hostile investors to come in, pretend to buy, back out when they wanted to and time the stock movements. I get what you’re saying, but this is a case where if the board didn’t sue then Twitters shareholders pay for it.
You and I may agree that they never should have been in that place to begin with but that’s definitionally a fiduciary obligation