Hacker News Reader

> With a 75% majority, the other shareholders could vote to nullify his shares and make them worthless.

This is unbelievable. Can you share a credible source?

See Facebook founders

:shockedpicachu: when Americans find out that corporate governance isn’t nearly as restrictive as democracy.

Facebook wasn't publicly traded when they did that. It's a different beast after you IPO.

This would not be possible in this case - it would be a clear breach of fiduciary responsibility and immediately picked up by musks legal team.

Even in facebooks case before they went public, they were sued for this and ultimately settled for $5.5 billion.

I don’t think that’s right. They could issue new shares to dilute him but then you’d need people to buy those and the money needs to arrive in the business.

It would also probably mean Twitter shares crashing to 0 in the public markets, not exactly in the interest of the 75%

Reply on news.ycombinator.com