Thread

1. xnx · 1790439571 · focus · HN ↗

   Fireship pointed out that the board members gave themselves a generous severance package in the very brief interim, so that was very possibly the whole plan.

   1. kingstnap · 1790443469 · focus · HN ↗

      Bizzare self dealing.

      Vote out dude who has 84% shareholder control.

      Immediately sign yourself a golden parachute deal for 8 million right before getting fired the next day.

      Seems like complete breach of fiduciary duty.

      1. tjwebbnorfolk · 1790457922 · focus · HN ↗

         fiduciary to whom? everyone who invested in the company knew they were buying in to something where one person controlled it.

         1. rcxdude · 1790502875 · focus · HN ↗

            It's a general protection meant to avoid a small majority from colluding to enrich themselves at the expense of the rest of the shareholders. It definitely seems to be getting eroded at this point, though, as multiple huge tech companies have managed to keep under the control of a single individual and investors seem content to just vote in a popularity contest where their money gets traded for tickets that don't represent any meaningful control of the asset they supposedly represent.

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