10 Updates

Here's Why Ex-Twitter Employees Couldn't Sell Their Shares Today

May 6 2014, 9:23pm CDT | by

As Twitter’s stock price plummeted nearly 18% in the course of a single day of trading Tuesday, numerous former employees sat on their hands and watched their shares shed value. Some, no doubt, were...

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12 weeks ago

Here's Why Ex-Twitter Employees Couldn't Sell Their Shares Today

May 6 2014, 9:23pm CDT | by

As Twitter’s stock price plummeted nearly 18% in the course of a single day of trading Tuesday, numerous former employees sat on their hands and watched their shares shed value. Some, no doubt, were following the lead of CEO Dick Costolo and cofounders Jack Dorsey and Evan Williams, who say they’re in it for the long haul, not the quick gain. Some knew selling shares on the day an insider lockup expires is generally a pretty bad idea.

And then there were those who wanted to sell but couldn’t. The frustrations of the latter came to light on Valleywag, which published a screengrab of a Facebook comment thread where a number of ex-Twitterians commiserated about the events of the day.

The Valleywag screengrab is real. It’s from private Facebook group called Flown The Coop, which is only open to ex-employees of Twitter.  I reached out to a few sources for a better understanding of what went down.

Several months ago, Twitter notified members of its employee equity compensation plans that it had transferred management of those plans to a company called Computershare. Computershare is based in Australia but has offices in a number of U.S. cities, including New York and San Francisco.

As the expiration of the lockup approached and holders of shares, options and restricted stock units began considering what to do with them, some noticed that Computershare charges painfully high transaction fees. One person I spoke with inquired about transferring his shares to another brokerage and was told the only way to do that was for him to write a letter and mail it. There was no online form for it.

Twitter does have a corporate email helpline for employees having problems with their equity grants, but ex-employees say the equity@twitter.com address was mostly unresponsive. (You can see people joking about it in the Facebook thread.) In general, Twitter did little to communicate with former employees about the lockup expiration and help them navigate their choices.

The result: As trading started Tuesday morning and TWTR shares began their long journey south, many ex-employees who’d been waiting months or years to realize the value of their equity grants were still in a chaotic scramble.

Perhaps Twitter could have foreseen the problems with Computershare, seeing as its own servers are full of people complaining about the company.

Anyone else finding Computershare unresponsive and uncontactable? “Due to high number of calls, try again later.” No apology. Epic #Fail

— Chris Moerdyk (@chrismoerdyk) April 14, 2014

Seriously @Computershare you could not make your web site more difficult to use if you designed it that way #unusable #fail #usestonebridge

— Craig Broadbent (@toppee) May 3, 2014

@Computershare your customer service truly sucks… i mean truly… it always.. ALWAYS takes 3 to 4 phone calls to get ANYTHING done

— Wilson Wilson (@WilsonWilson101) April 30, 2014

One person who’s been griping about it is Betaworks partner Sam Mendel. 

so far my experience with @computershare is very ugh like my girlfriend’s experience on http://t.co/LODqYrM6AS

— Sam Mandel (@sammandel) April 30, 2014

Mandel was in charge of business operations at Tweetdeck when Twitter acquired it in May 2011.

The complainers are right: It’s annoyingly hard to get in touch with a human at Computershare. I’ve sent several emails and called the main number at the San Francisco office, where the only answer was a recording specifically instructing callers not to leave a message. I’ve also emailed Twitter and will update this post with their comments if and when I get them.

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was br ...
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Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Raky ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last mon ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 mil ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri Mustapa Mohamed ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

8 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an all ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

8 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Baza ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinra ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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