While Twitter is not required to accept Elon Musk’s multi-billion dollar offer, the board does hold certain responsibilities to shareholders aimed at maximizing the company’s value, experts and industry leaders told the Daily Caller News Foundation.
“The question is whether the board would accept this offer,” Austen Allred, CEO and co-founder of Bloom Institute of Technology, told the DCNF. “They have a fiduciary responsibility to shareholders, so in order to turn it down they’d have to have a plan for how the company could be worth more than what Musk is offering, and they do expose themselves and the company to liability in doing so.”
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