[HN Gopher] When I was fired in 2008 and made chair, the board t...
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       When I was fired in 2008 and made chair, the board took most of my
       shares away
        
       Author : memish
       Score  : 22 points
       Date   : 2022-04-17 19:20 UTC (3 hours ago)
        
 (HTM) web link (twitter.com)
 (TXT) w3m dump (twitter.com)
        
       | samspenc wrote:
       | Wow, was this ever public knowledge prior to this post? Also, is
       | this even legal:
       | 
       | > When I was fired in 2008 and made chair, the board took most of
       | my shares away from me.
        
         | londons_explore wrote:
         | Well they can make a deal along the lines of 'give back those
         | shares or we'll issue millions of new shares and give them to
         | everyone we like except you'.
        
         | phphphphp wrote:
         | He owned <10% at the time so it's a little bit of a
         | mischaracterisation to say "most" as if it means he lost
         | control because of it. He did not lose a meaningful amount in
         | the context of a conversation about control, he lost a few % of
         | the company.
        
         | djbebs wrote:
         | Most likely unvested shares
        
       | hirundo wrote:
       | > Wow, with Jack departing, the Twitter board collectively owns
       | almost no shares! Objectively, their economic interests are
       | simply not aligned with shareholders.
       | 
       | Since they own no appreciable equity in Twitter except for Jack,
       | their power is in proportion to Twitter's capacity to moderate
       | content, not the market value. Elon threatens that. It would be
       | shocking if they did not fight him.
        
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       (page generated 2022-04-17 23:02 UTC)