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)

  • mojofrododojo@lemmy.worldEnglish
    0·
    3 days ago

    Most of his purchase for the company was done by using his other stocks as collateral to be able to take out loans from the banks.

    gonna get really interesting when the banks start looking for their returns. watch, he’ll get Trump to bail it out.

    • bjornsno@lemm.ee
      0·
      3 days ago

      That’s not how loans for billionaires work. The bank is very happy to only collect some interest on this huge loan for ever, and would be more than happy to give Elon more loans to buy other things. Because of the fractional reserve banking system the bank isn’t even running any real risk by doing this.