Twitter’s CEO abuses investor’s investment, gets paid a huge salary, and is a leftist crusader. By Adam Mill. Not that any of that is a great surprise.
Twitter stock has increased from around $20 per share to around $45 per share over a five year period. That sounds pretty good until you consider Twitter hit $44.49 in mid-2018. The stock spiked again in 2021 to around $77 but crashed back to earth at $33.39 earlier this year. Only by timing the market could a shareholder make money over the last several years.
Twitter CEO Parag Agrawal, on the other hand, has found the company to be reliably profitable. He received $30.35 million in compensation in 2021, which included a month off.
Immigrant abuses 1st amendment, makes big bucks
While Agrawal has not made any money for his investors, he’s savaged Twitter’s nonconforming users. A normal business would try to recruit and build its user base. Agrawal, instead, has unleashed a wave of bans and censorship to please the woke. In January 2021, Twitter permanently banned Donald Trump from the platform. Many of his fans and followers soon followed. …
Does “private company” mean anything anymore, or is this a fascist state where the leftist totalitarians just get to commandeer whatever they want?
Twitter is supposed to be a private company. And it’s supposed to be owned by its shareholders who have a right to expect the board to pursue policies that make them money. Twitter is not making money for its investors. Its social justice agenda drives away users and loses money.
Another immigrant fixing the problem
Musk just offered to buy out the long-abused investors in order to liberate the business from the unprofitable practices of the woke C-suite. This is a microcosm of the modern corporate woke problem that allows social justice warriors to pursue personal agendas at the expense of other people’s money.
Instead of protecting our interests, and without asking its owners, Twitter’s board acted according to the whims of Agrawal. Of course Agrawal wants to keep his power and obscene compensation. So in order to protect his sweet deal, the Board voted for a “poison pill,” which will cause shareholders to lose even more money.
The board was pretty open about its objective to block shareholders like me from Musk’s generous buyout offer. If Musk accumulates more than 15 percent of the company, Twitter will attack the value of my shares by flooding the market with new shares. According to the plan, the board will allow existing shareholders (excluding Musk) “to purchase, at the then-current exercise price, additional shares of common stock having a then-current market value of twice the exercise price of the right.”
Natives not up to it