Like I don’t get it, he owns 9% of the shares, doesn’t he still need like 42% of other shareholders to vote in in as CEO? So isn’t he still subject to the will of the other shareholders? 🤔

(Disclaimer: I have no idea how this works, which is why I’m asking)

  • Thorry84@feddit.nl
    0·
    4 days ago

    Didn’t he buy the whole thing in a hostile takeover? That means no more publicly traded shares and he owns the whole thing. Probably through some complicated holdings construction but ultimately he owns it fully.

    He owned 9% of stock before the takeover. His price was way high, which is why he attempted to get out of it. And no shareholder complained as they got a good return on their investment.

    As far as I understand a lot of the finances came from different sources, like the Saudis. But the agreements around those aren’t public, so I don’t think anyone knows exactly if they can demand anything except money and what the rules are for Musk. Unless that’s been confirmed leaked, but I don’t care enough about Musk or Twitter to keep tabs on that.