Many founders and Board members of publicly traded companies know and use the products owned by their companies. Although, one company currently in the spotlight is getting called out for a Board member not using the product he represents.
What Happened: Twitter Inc TWTR Board of Directors member Robert Zoellick has a verified Twitter account with 1,210 followers. Among the people who follow Zoellick on the social media platform are current Twitter CEO Parag Agrawal and former Twitter CEO Jack Dorsey.
What’s unusual about the verified account from Zoellick is the lack of usage. The account has not tweeted out a single message, retweeted someone else’s post or even liked another message on Twitter.
The account was created back in 2018, giving plenty of time for Zoellick to work out a great first tweet or to like various posts from others.
Why It’s Important: Zoellick joined the Twitter Board of Directors in July 2018 and does not use the product that he currently represents.
Tesla Inc TSLA CEO Elon Musk owns 9.1% of Twitter and is among the most active users on the platform and has over 80 million followers, making him one of the most followed accounts.
Many are questioning if the Twitter Board of Directors has the best interests of shareholders in mind with the measures it's taking to fight off Musk and a potential buyout.
While Musk is the second-largest shareholder of Twitter, it was noted by Unusual Whales that the Twitter Board of Directors owns only 2.37% of the company, suggesting that the Board might not be properly vested to decide the fate of Twitter.
Price Action: Twitter shares closed down 2% to $45.18 on Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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