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)
FYI he stopped using his stock as collateral for the purchase part way though. He sold more shares, and got more outside investment. Twitter itself has a loan as well, but it’s not backed by Elons stock.
Edit: I think it’s worth adding… while the loan isn’t backed by Elons stock, if Twitter was failing and the bank came a knocking, he’d probably use his stock to save it.
I didn’t realize he paid his stock parts off already, thats good to know!
I don’t know if he actually ever did it, or had just said he was going to? As in I’m not sure if there was anything to pay off. But there very well may have been an actual real collateralized debt there for a short period of time.