Maybe they should invite Musk to become chair and help appoint an entirely new board.
This exposes the reality.
The purpose of Twitter is control of thought.
If poses as a "for profit" enterprise.
Similar to many of the mainstream media. CNN is a good example.
They are engines of control, not engines of profit.
I have been saying the primary purpose of most media has become political power, rather than money, for some time.
Nice job Elon.
Hope this 77 share issue holds up.
The SEC should shut down Twitter as a fraud company.
Wow that is really eye opening!
If one reads (and believes) the comments below the article, the assertion is inaccurate, in that Board members received stock grants worth close to $230,000 each during 2021 (alone). However, they may not yet be fully vested...
What this is really saying to the common stockholders is “The poison pill is for thee and not for me.” If you don’t own shares, there’s nothing to dilute. It’s easy to be noble when you’re risking other people’s money.
If this is true, let the shareholder lawsuits against the Board begin!
ROFLMAO! Musk learned from the best.
Once media power is separated from the profit motive, they become unaccountable.
I love it when random people on the internet tell the richest man in the world what he should or should not do, but so long as we’re indulging in fantasy billionaire games... I’d love to see what he could do with his access and wealth to just reveal the world of megacorporations and political corruption to the world, Project Veritas style.
Whatever happens with Twitter, the whole world got a chance to see stuff that can no longer be claimed as untrue. I mean, it still will, but how is Twitter stock going to stay up with the unanimous decree from the board that if someone tries to challenge the board that they will tank the small shareholder investments in order to consolidate vanguard and Blackrock control?
Musk didn’t need to put undercover journalists in danger either, all he needed was a few tweets... and a spare 40 billion dollars.
I’ve long thought of Twitter as the successor to Ezra Klein’s JournoList.
They have a lot of options which can be exercised in the event of change in control or termination for whatever reason; (begin on page 70) https://s22.q4cdn.com/826641620/files/doc_financials/2021/ar/2022-Prelminary-Proxy.pdf
Loving all the Elon is doing to Twitter, even though his base reasons are, at best, suspect. I hope and pray that his plan is to restore truly free speech to the world.
Each share usually gets a vote regarding board members. Elon can put up his own slate.
However, Black Rock owns a ton of shares. Or rather, they manage them. People in their funds actually own them, I believe.
But Blackrock currently gets to vote those shares. This should not be legal. The people invested in their funds should get those votes.
Gordon Gekko: Well, I appreciate the opportunity you’re giving me, Mr. Cromwell, as the single largest shareholder in Teldar Paper, to speak.
Well, ladies and gentlemen, we’re not here to indulge in fantasy, but in political and economic reality. America, America has become a second-rate power. Its trade deficit and its fiscal deficit are at nightmare proportions. Now, in the days of the free market, when our country was a top industrial power, there was accountability to the stockholder. The Carnegies, the Mellons, the men that built this great industrial empire, made sure of it because it was their money at stake. Today, management has no stake in the company!
All together, these men sitting up here [Teldar management] own less than 3 percent of the company. And where does Mr. Cromwell put his million-dollar salary? Not in Teldar stock; he owns less than 1 percent.
Not unusual at all.
Back in the 80s, as a lowly teletypewriter repairman for ATTIS, I held more shares of AT&T stock than several members of the board....combined.
Token participation of 100 shares was common.