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Their board is independent and as such do not have equity in the company - Microsoft is not part of this. It’s a very different dynamic.
Based on the language, if I HAD to guess, I’d say he straight up lied to the board or acted on something without them when they were supposed to be involved. Serious charter-violating stuff.
My guess is he hid a security breach from the SEC and the board. That makes the most sense as to what would prevent the board from being able to execute on their legal duties.
