Twitter and Stakeholder Capitalism

Liz Dunshee observes that Twitter's CEO "emphasized that the board had to act in the best interest of the shareholders, and determined this offer was the best they could do. ... In his “Money Stuff” column yesterday, Matt Levine highlighted how this is a weird thing to hear after so much emphasis on stakeholder capitalism the past several years." It is a fundamental; thesis of my forthcoming book "The Profit Motive" that when push comes to shove the shareholder value maximization norm still trumps stakeholder capitalism.