“On one hand, companies want to show their support of diversity in all the mandates that society is discussing openly. “
If Kevin O’Leary actually believes that he’s a fool.
“Won’t be long before there are class-action lawsuits by shareholders against the company and board of directors for destruction of shareholder value”
— Elon Musk (@elonmusk) June 2, 2023
Because it’s a breach of their fiduciary responsibility. ESG and DEI corporate managers have been violating their responsibility since they began that garbage.
In large-scale, class-action-type litigation, plaintiff-lawyer groups and third-party investors often fund the expenses, which can be high and can scare away lawyers from taking the cases - i.e., law firms may otherwise be willing to take the case on a contingency fee and risk the value of their time if they loses the case, but not also be willing to risk the large out-of-pocket expenses needed to run the case, such as expert witnesses, depositions, and mass mailings. If Elon really wants to do some good, he should take a couple million and start funding shareholder suits against woke boards. Talk about asymmetrical warfare - would cost him pocket change, but would terrify corporate America