What kind of board allows an announcement like this to happen in such an uncontrolled way? I feel like this is just more evidence that Twitter's board is weak.
You don't leak it to a reporter like it's the latest variant of the iPhone.
There should have an announcement from the board, a LONG time before markets were to start (ideally end of markets on friday) clearly explaining WHAT is happening and WHY (even if it's a bullshit reason, there should be a reason).
It would have allowed markets to absorb the news instead of the NYSE having to halt trading amid the uncertainty.
Serious question: What does making an announcement while the market is closed actually do? Are you not just throwing money to the people willing to trade after hours?
My unqualified guess is that it makes time to ensure the full story and context to be digested by traders. If the story is emerging during trading, there is risk of more volatility / unpredictability as the fastest information may not be the most complete.
equal access to information. (no "insider" benefit)
people trading off market are taking their own risks willingly, the market itself tries to be fair w.r.t. reported
if you are listed, you effectively agree to release info on certain terms, so that off-market don't get a better advantage also
When I had posted this, there had been no tweet, just a leak from a CNBC reporter with three lines : breaking news, Jack is rumored to be leaving, stay tuned for more info.
there was a massive info asymmetry, so NYSE had to halt trading until it deems news has percolated enough, I guess.
the tweet came a few hours after CNBC leaked it, what I had posted on HN was the original article, it was changed with the tweet after the fact by some mod here.
My comment dates from when we didn't have a tweet or any info, no one knew who the next ceo of twitter was, simply the rumour (not even confirmed news) that jack had left. no one knew, Twitter PR was refusing reporter questions and NYSE had to stop trading until the situation settled
Form 8-K filed with the SEC concurrently with a Press Release and interviews announcing his successor and explaining why this will be a "good thing."
The 8-K is functionally a legal requirement for this and the rest is just making sure you control the message to reduce speculation which can hurt you.
This makes me uncomfortable. Not the idea of it per se, but the narrative the GOP's anti-cancel-culture bloc builds around it. Echoes of Thiel's involvement with Bollea vs. Gawker.
Yeah we better get used to disappointment. I think the best hope we have is that Twitter becomes the next Facebook and people we read go somewhere else. It's very dangerous but this is a dangerous time in a dangerous place.
Yeah Twitter acted first out of belief that it's possible for the right to go too far. Any relevant business or publications fell all over themselves to sweep Jan 6 under the rug. Companies went back on their vow not to fund Republicans.
Zuck and Jack were alone but only Zuck is untouchable.
