Shareholders reviewing Elon Musk’s $44 billion acquisition of Twitter Inc. (TWTR) could seek to have the social media platform set up an independent trust or become a public benefit corporation so that its directors have a duty to a larger group of stakeholders, Rick Alexander said.

The founder and CEO of Shareholder Commons, a nonprofit organization that advocates for diversified shareholders, on the latest Activist Investing Today podcast discussed why he thinks shareholders should demand that Twitter set up an independent trust, to ensure that it is transparent about operations, and ensure it becomes a PBC so a broader group of stakeholders is considered.

“I don’t think regulators or legislators will stop this deal from happening, so our value proposition is shareholders have an interest in making sure the company is doing right by stakeholders,” Alexander said. “It might not be in your interest as a diversified shareholder for the transaction to close the way it is going to close because of the implications the ownership transfer will have on the public square.”

He added that if healthy discourse is not maintained on the platform, there could be damages to social and environmental systems and the economy. “If GDP falls 2% because we have very disruptive social media, on average a diversified portfolio is going to fall as well.”

Check out the podcast with Rick Alexander below:

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