Staff Reports
Still going strong is the argument between Elon Musk, Twitter, and Twitter. Friday, 18 Republican members of Congress sent an open letter to Twitter's board asking them to save any information related to Musk's aggressive takeover of the company.
If Republicans win the next midterm elections and take over the House of Representatives, they might use the formal request of the minority party, even if it is not legally binding.
How many of you would be willing to pay a lot of money to see the Republican-run House Judiciary Committee question under oath members of Twitter's board of directors? Awesome. Make sure you eat a lot of popcorn until you can't move.
In letters that were given to CNBC, the Republicans asked Twitter Board Chairman Bret TAY to keep track of any conversations that board members had from their personal or business accounts. When Musk was thinking about a hostile takeover, this included encryption software that Twitter was desperately trying to keep out.
One of the letters asked for Bret Taylor, who is the chair of Twitter's board. After Jim Jordan's passing,
This letter will be sent to Congress to ask that any documents or records related to Musk's attempt to buy Twitter be kept. The report shows Twitter's response to Musk's offer and how it looked at it. It also shows how Twitter thought about the interests of its shareholders in relation to Musk's offer.
Jordan says that when a company's board of directors makes promises called "fiduciary obligations," they are only responsible to the company's shareholders, even if they are only a small part of the company.
I saw the following in your letter:
According to this notice, any papers, conversations, or other information, electronic information, or metadata that could be important to this congressional investigation should be kept. Metadata, a type of information that describes the content of electronic files, is one of these kinds of details.
Even though Twitter just revealed its "poison pills" strategy a week before Musk's offer, we've heard that the company has not yet responded to Musk's offer. Musk already owns more than 9 percent of the company. Once he has 15 percent of the shares, his takeover will be complete. It would give other investors in Twitter the chance to buy more shares at a big discount. When this happened, the original price of a share was twice what it is worth now. In theory, Musk's share could lose value if he sold a lot of his stock. This is because he would get a lot of new shares. All of these things will make the price of ownership go up in a big way.
As was said in the last paragraph, the letter brought up more fiduciary responsibilities.
The fiduciary duty of Twitter's board of directors is to always put the interests of shareholders first. Even though many leaders of firms want to take progressive steps that have nothing to do with the interests of shareholders, these obligations still stand.
There is a lot more to this than meets the eye. Elon Musk's name will never change.
Elon Musk isn't the most successful person in the world's eyes. Also, he doesn't work with anyone else at the company who has as much experience as he does. On the other hand, when Musk tweets, he acts like a hamster on a wheel, just like when he plays with the Twitter board.
Elon Musk will decide whether or not to buy Twitter whether or not the Twitter board agrees with the House Republicans' request to keep the correspondence.
The preceding is a summary of an article that originally appeared on Real News Real Patriots.
