to Omid Kordestani, Chairman of Twitter. In the letter, I expressed concern over a part-time CEO planning to move to Africa and suggested Twitter move to a subscription model. I invested 50 years of my salary as a professor in Twitter stock — purchased 332,000 shares. I didn't hear back from Omid. Some consolation is his son Milan at me suggesting I shouldn't criticize Sheryl Sandberg, as she is the most powerful woman in tech.
Additional consolation is that several weeks later, Elliott Management signed my letter with a $2 billion pen and just days later secured three board seats. Jack reconsidered his move to Africa and, soon after the new directors were seated, Twitter announced they were exploring subscription services. Since the letter, Twitter stock is up 55%. To be clear, Twitter suffered from poor strategy and execution, and a negligent board that tolerated a part-time CEO.
So, a prediction. Within six months, someone with a much bigger pen will sign this post. There is an opportunity for this to be your idea and pull a Mulan here — go straight to video, take back the narrative, and under the cover of the reduced earnings due to Covid, announce Disney is making an aggressive move to a bold rundle and announce a UDI plan.
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