Comment on I don't want to call Twitter X out of spite, but calling the travesty that is X Twitter is an insult to the people that made Twitter what it was.

EndOfLine@lemmy.world ⁨1⁩ ⁨month⁩ ago

• originalfrozenbanana@lemm.ee ⁨1⁩ ⁨month⁩ ago

  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

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  • db0@lemmy.dbzer0.com ⁨1⁩ ⁨month⁩ ago

    “Fiduciary duty to get profit” is a libertarian myth. It has no legal basis.

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    • jaycifer@lemmy.world ⁨1⁩ ⁨month⁩ ago

      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.

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    • originalfrozenbanana@lemm.ee ⁨1⁩ ⁨month⁩ ago

      No, I don’t think that’s true. Twitters board had to sue for specific performance because Musk backed out of a formal offer in the late stages for fabricated reasons. It’s not like it was “sue musk or go to jail” but their job as board members comes with a fiduciary obligation, and musk was paying 38% over the share price. Twitter is FAR from blameless but sueing musk isn’t a failing …harvard.edu/…/twitter-vs-musk-the-complaint/

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      • db0@lemmy.dbzer0.com ⁨1⁩ ⁨month⁩ ago

        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.

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  • tyler@programming.dev ⁨1⁩ ⁨month⁩ ago

    That’s not the case at all, though it’s very often believed to be and stated as such on here and Reddit.

    nytimes.com/…/corporations-dont-have-to-maximize-…

    web.archive.org/…/are-u-s-companies-legally-oblig…

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• Lost_My_Mind@lemmy.world ⁨1⁩ ⁨month⁩ ago

  Twitter has never, even dating back to it’s inception, never ever ever turned a profit. The whole reason Elon mockingly offered to buy it was because they were looking for, and struggling to find, a buyer. They just wanted to break even and walk away.

  Instead Elon was like “Hur dur I got 43 billion for ya!” And Twitter was like “SOLD! No takesies backsies!”. And Elon was like “Wait, wut?”

  And then Elon carried a sink through the lobby in protest.

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• kevindqc@lemmy.world ⁨1⁩ ⁨month⁩ ago

  It was a public company, the shareholders would’ve sued them, no?

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• Madrigal@lemmy.world ⁨1⁩ ⁨month⁩ ago

  OP might be talking about the user base, not the owners.

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