this post was submitted on 03 Oct 2024
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Showerthoughts
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It's not like it was a hostile take over. They played their part when Musk talked shit and they sued him to follow through with the purchase. They could have easily kept it, but they wanted the money instead.
Not that they are blameless - far from it - but they had a fiduciary responsibility to pursue the deal because it was good for their shareholders
"Fiduciary duty to get profit" is a libertarian myth. It has no legal basis.
It’s a myth so widely pushed and accepted over the decades that just calling it a myth won’t be accepted as an argument against it at this point.
What I think is interesting is that this sense of fiduciary duty can be used by a company to do whatever they want. Mass layoffs are part of a fiduciary duty to cut costs. Mass hirings are part of a fiduciary duty to expand operations for growth. At this point it’s less a myth and more an excuse for doing whatever.