this post was submitted on 17 Aug 2023
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They got $44 billion, double what sane people thought the company was worth. It would be irresponsible not to take Elon for a ride.
Responsible financially, as agents of the corporation, sure. And I understand why they did it. Morally though (and I would argue civilly) it was wildly irresponsible. Thousands of people lost their jobs, hundreds of people are now forced to work at Elons insane business under threat of deportation if their visa is invalidated, and hundreds of millions lost a trusted, dependable direct link to governments, public figures, and other notable people. The world is a worse place for having let this deal happen. What is responsible financially is often irresponsible in pretty much every other way, and I wish this perspective was represented more.
As a shareholder in a number of other large corporations, I would actively like for buy-outs like this one to fail, even if it would make me a quick buck now, even if that quick buck is a lot. I much prefer stability to major erratic changes, even when they benefit me.
It should not have been trusted and pervasive to such an extent. If anything, better to cut the dependency now than later.
That’s a fair argument, and to an extent I agree. That said, I don’t think firebombing something hundreds of millions depend on is not the ideal solution, and it could have been handled differently, like by adding contingencies, for example. Or working in some form of transition period.
In an ideal world, yes. But face it, you, I, and my aunt's puppy knows that'd never happen. Get every govt agency in the world to cooperate? Yeah right. This might have been one of the best ways we could realistically have ended it.
I disagree. Nationalizing Twitter is definitely idealistic thinking, but adding some small contingencies to the deal definitely is not, and is actually pretty standard in large mergers, to maintain stability.
An easy counterpoint to what you just said: mahney. Nobody cares about doing the responsible thing when billions are on the line. Also, a lot of people say they wouldn't do something for a billion dollars which just boils down to "you didn't get a chance like that and you never will". Hypotheticals are easy till it actually happens to you.
I have morals that I will not violate. Money does not matter to me beyond enough to comfortably live on my own (and I have reached that point already). I give the rest away to people in need, because that’s how my moral system works. You’re welcome to think whatever you want about hypotheticals, but in this case it doesn’t matter if they sold or not. The people making this deal would have been obscenely rich either way. At a certain point, money is nothing more than bragging about a big number, your life doesn’t get materially different. If your moral system allows for that kind of action, good for you I suppose, but I can assure you its far from a universal perspective.
Also illegal, since Twitter was a public company- they can't discriminate on bona fide offers or they risk being sued.