this post was submitted on 01 Aug 2023
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Politics
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We need laws against business owners that frivolously run their business into the ground and damage others' without retaining any liability beyond the business' death.
Isn't he being sued by Tesla shareholders for literally that?
They have a civil suit against him, but that kind of lawsuit is almost never successful (edit: at pinning liability onto the business owner - I'm saying liability will probably only fall to Twitter and not Musk personally /edit). Twitter is still a limited liability company, and now that it is privately owned its owners are free to run it into the ground - they don't have an obligation to shareholders.
Private businesses should be free to do this, but this was a publicly traded company turned private, so arguably there should be solid protections in law that make this wrong rather than the only option being a difficult civil lawsuit.
But Tesla isn't a private business. It's a public business that's traded on the stock exchange. That's a huge difference from the bird site.
Don't forget both Tesla and SpaceX ( who are heavily subsided by the American government also) employees was taken from their jobs and working on making more of a mess of Twitter
Private companies shouldn't be able to do that because it still has a negative impact on society. When a company implodes there are employees that have their lives ruined, suppliers that will now have problems of their own, which will lead to more lives ruined.
This view that if you aren't a shareholder you aren't an important stakeholder in a company is incredibly damaging to the social fabric.
We have it, it’s called “Piercing the corporate veil.” Twitter being a California company should make it easier.