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)

  • NotMyOldRedditName@lemmy.world
    0·
    4 days ago

    FYI he stopped using his stock as collateral for the purchase part way though. He sold more shares, and got more outside investment. Twitter itself has a loan as well, but it’s not backed by Elons stock.

    Edit: I think it’s worth adding… while the loan isn’t backed by Elons stock, if Twitter was failing and the bank came a knocking, he’d probably use his stock to save it.