@elon

Desperate to recapture a delinquent attention cycle that’s wandered off to war, Elon Musk announced Monday he is the largest shareholder in Twitter, with a 9.2% (correction: 9.1%) stake. @elonmusk has trolled me (i.e., called me names on … Twitter) before … but this feels like cosplay.

 
Backstory

I’ve been taking activist positions in companies (i.e. participated in $800+ million worth of investment and advocated for change at a publicly traded firm) for the better part of two decades. I’ve served on the boards of seven public companies. In December 2019 I took a stake (approx .03% the size of Elon’s ownership) in Twitter and wrote a public letter to the board, highlighting the company’s lack of innovation and weak shareholder returns, and calling on them to replace part-time CEO Jack Dorsey. I received no response. Shocker. Although the chairman’s son tweeted at me that I shouldn’t be so harsh on Sheryl Sandberg. So … there’s that. A few months later, Elliott Management, a large activist fund, called me and said they were signing my letter with a $2 billion pen. They bought a significant stake in the company and secured two board seats in record time, as the directors realized they’d been acting like sycophants vs. actual fiduciaries. Once Elliott had representatives on the board, @jack was gone. It was just a matter of optics and cadence to make it appear as if it was his idea — ego still drives the majority of decisions around corporate governance. (And war.)

Elliott has done Twitter’s shareholders — and corporate governance — a service advocating for the crazy idea that the CEO should work full time. @jack is a great CEO of Block, but he was a shitty absentee father at Twitter.

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Πηγή: profgalloway.com