How is it legal to be able to get a loan to buy a company, then transfer that loan to the company you bought, then let the company burn to the ground from the crushing debt?
Good. Trust Elon the same way you'd trust Lex Luthor.
It's pretty easy to see now that buying Twitter and saddling it with debt was never going to work.
Because it's destructive to the economy. The only winners when this happens are the execs who arranged the deal, which is why Twitter's execs pushed so hard for the Musk deal to close even though the outcome was going to be bad for everyone else.
To put it another way - a lot of businesses would still be operating and a lot of people would still have jobs if LBOs were illegal.
The job of the board is to assure long-term growth of the investment, not a one-time burn-it-all-down event or a slow bleed (GE, Boeing) where the shareholders get unreasonable returns while annihilating the hard work building up the company.
These are not company-building boards, these are company-destroying boards. Literally, vulture capitalists from the inside.