Twitter: Breathe Deeply. And Again. Now Write a Check for $800 Million.
September 22, 2021
I read an interesting story called “Twitter to Pay $809.5 Million to Settle Lawsuit Alleging Jack Dorsey, Others Misled Investors.” What? a super trendy SMS company adored by those in Silicon Alley and Silicon Valley allegedly doing some Fancy Dancing with the money crowd? Who ever heard of such a thing?
The write up states without the snappy writing of yore:
The original lawsuit, filed in 2016 by a Twitter shareholder, alleged Dorsey and others including former CEO Dick Costolo and board member Evan Williams hid facts about Twitter’s slowing user growth while they sold their personal stock holdings “for hundreds of millions of dollars in insider profits.”
Then the Hollywood “real” news publication notes:
Twitter, in an 8-K filing Monday, noted that the final settlement agreement will not “include or constitute an admission, concession, or finding of any fault, liability, or wrongdoing by the Company or any defendant.”
Of course not. This is an allegation.
Quick question: Did the parties to the litigation tweet the news? I know everyone downloads and reads the outstandingly compelling prose in SEC documents, but social media is now the source for real news. A recent Pew study does not include the SEC in its list of sources. This is an obvious oversight.
Stephen E Arnold, September 22, 2021
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