Comment on A billionaire wrote this letter to Google a year ago. How likely is that Google's layoffs and actions since then are at least partly because of this?

knotthatone@lemmy.one ⁨5⁩ ⁨months⁩ ago

• jonne@infosec.pub ⁨5⁩ ⁨months⁩ ago

  They’ve written one like that to every tech company. It’s probably just so they can repeat the conditions from before they got sued for colluding to depress employee wages. This has the same effect, except this time it’s not collusion, it’s doing their fiduciary duty because shareholders are demanding it.

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  • peopleproblems@lemmy.world ⁨5⁩ ⁨months⁩ ago

    the “fiduciary duty” isn’t a real thing.

    they can fire and change who governs the board by using their majority share holder votes (which has been selecting short term max profit guys) but it’s a myth that they have a legal responsibility to return anything to shareholders

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