The counter argument is that Tesla has created more shareholder value over the past few years than any other single company, and in fact more than a ton of whole market segments. I mean, investors know he's sort of a loon, this is hardly the weirdest thing he done[1], and they're still on board.
And FWIW: if you really want to structure this in a shareholder-friendly way, Twitter can just pay Tesla a consulting fee. Given that they're a private company now, that's almost literally as simple as just writing a check.
[1] I mean, seriously, if "I'll buy TWTR for $40B!" didn't spook the market, you think they're really going to freak out about a few hundred hours of engineering time?
And FWIW: if you really want to structure this in a shareholder-friendly way, Twitter can just pay Tesla a consulting fee. Given that they're a private company now, that's almost literally as simple as just writing a check.
[1] I mean, seriously, if "I'll buy TWTR for $40B!" didn't spook the market, you think they're really going to freak out about a few hundred hours of engineering time?