Twitter cofounder to sell chunk of his stock for personal reasons Ev Williams, the cofounder of Twitter and Medium, has revealed that he'll be selling a large chunk of his stock in the microblogging site to fund other activities. There's nothing wrong with Twitter that prompted the selloff, he insisted, and indeed praised recent changes the firm has made. But the vast majority of his net …
On the one hand I am amazed Twitter shares are worth as much as $14, but on the other somebody tried to convince world+dog that they were worth $69 at some point.
I am going to assume that the "personal reasons" he's selling are that he likes being rich and so is going to carry on doing that.
$14 or $69 for a company that doesn't make any money really shows that stock market variations are pure bollocks. "These $1 sandwiches cost us $1.01 each to make, but we'll make it up with volume"
So yes, I'm sure his personal reasons include "fuck, we still can't make money at this and I quite enjoy being rich before we are the next friendsreunited/MySpace"
People said the same thing about Google and Facebook, but they figured out how to monetize their userbase by slinging ads at them in ways that weren't annoying enough to cause those users to leave.
Twitter has yet to crack that particular problem, but apparently the market still has some faith (but not as much as they once did) that they will eventually do so.
"Ev Williams, the cofounder of Twitter and Medium, has revealed that he'll be selling a large chunk of his stock in the microblogging site to fund other activities."
"After a year and a half of no selling, I have filed a new 10b5‑1 plan to liquidate a minority of my TWTR over the next year," he said on Medium."
A large chunk or a minority of his stake... well, which is it? Or maybe you don't know but 'a large chunk' will get the keyboard warriors angry?
$69 a share down to $14 a share... and they are still losing half a billion a year. The mind boggles, it really does...
I don't think so. I guess "needing more cash for wharever" is personal reasons. Anyway, isn't that the way of Web2.0 or whatever it calls itself? Create vaguely useful product (with no clear way of making cash), hype up to get investment/IPO, run away laughing with cash from sold stock before it hits the floor. No underpants or questionmark steps needed!
The Register 
Biting the hand that feeds IT
Copyright. All rights reserved © 1998–2024
