But they literally HAVE a fiduciary obligation. I agree with you that people use that as an excuse for heinous shit, but in this case they had a formal, legally binding offer. Musk was in breach of contract and they sued for specific performance or damages. Musk didn’t want to pay the damages. If they didn’t sue, Twitter would forfeit I think $1bn in damages and their stock would tank. Not suing would open the door for hostile investors to come in, pretend to buy, back out when they wanted to and time the stock movements. I get what you’re saying, but this is a case where if the board didn’t sue then Twitters shareholders pay for it.
You and I may agree that they never should have been in that place to begin with but that’s definitionally a fiduciary obligation
But they literally HAVE a fiduciary obligation. I agree with you that people use that as an excuse for heinous shit, but in this case they had a formal, legally binding offer. Musk was in breach of contract and they sued for specific performance or damages. Musk didn’t want to pay the damages. If they didn’t sue, Twitter would forfeit I think $1bn in damages and their stock would tank. Not suing would open the door for hostile investors to come in, pretend to buy, back out when they wanted to and time the stock movements. I get what you’re saying, but this is a case where if the board didn’t sue then Twitters shareholders pay for it.
You and I may agree that they never should have been in that place to begin with but that’s definitionally a fiduciary obligation