“I claim no insight into the personal feelings of the board members, their fears, their hopes, their dreams, but their legal obligation here is to maximize stockholder wealth, and though they could, consistent with those duties, decide that in the long term Twitter is more valuable as a standalone company than the $44 billion Musk agreed to pay right now, that seems … unlikely … and so their legal obligation is to pursue that $44 billion. And if investors can win in a courtroom, there is absolutely a benefit to fighting with Musk about it. The $1 billion dollar break fee won’t begin to compensate the company for the damage Musk has done, but more importantly, $1 billion is less than $44 billion.”

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