this post was submitted on 25 Jul 2023
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What I don't understand is how he can still be in charge, at all? Do shareholders not have any legal mechanism to get him removed?
He’s the largest shareholder and it’s a private company, which is why we depend on companies holding his debt for guesstimates about the valuation. There’s no market forces that are punishing him for bad decisions, other than him not being able to service his/twitter’s debt based on twitter’s dwindling income.
Jack Dorsey and his Saudi partners agreed to hold onto their shares (ie, not force Musk to buy them) and together they held about $3.5B out of the $44B valuation when it went private. Dorsey just started offering some super gentle criticism while saying it’s a very hard job.
I don’t know if they’re under NDAs, or if they’re afraid of crashing their investments further by criticizing him in public, or if they just don’t care because what’s a few billion between friends. Maybe they’re sending him angry texts.
I’m just hoping that someone comes out with a tell-all that ends up being a movie called The Anti-Social Network.
Musk bought it, he's the sole shareholder now. It's not a public company anymore.