So, the Twitter Board and shareholder voted down the proposal to convert to a co-operative model. Is that the end of the story? No.
The vote in favour was 4%, including a swathe of the smaller individual shareholders, whereas the big guns voted against, on the advice of the Board.
That was the first statistic that mattered, because below 3% and the Board could block the resolution coming forward again. With 4%, that option is now open.
The second statistic that counts is the number of Twitter users that would consider investing in the service if it were run co-operatively – 14%.
This was our initiative at Co-operatives UK – Catherine Howarth of the activist shareholder group ShareAction, was kind enough to call it ‘a masterful stroke’ as it moved us from suggestion to signs of proof.
CityAM covered our release. “I am not exaggerating when I say that this is the most affirming piece of coverage about our campaign – and we’ve had a lot.” Danny Spitzberg, #BuyTwitter campaign hero and coordinator
Danny, Mark Latham and Jim McRitchie, who presented the proposal, were at the Twitter AGM in San Francisco. Nathan Schneider, who was the originator of the idea back in a newspaper article back in September, was watching and commented “I just want to note how much gratitude I feel for the energy and creativity and organising that has gone into this effort.”
Nathan went on to say how the campaign has helped to educated thousands and thousands of Twitter users about the possibilities of co-operative models.
Charles Gould, Director General of the International Co-operative Alliance, said the same to me last night – we should not let it go at this point, but build on this.
If you have followed this, waved us on or signed and tweeted – thank you.
For now, the Board is holding on to Plan A for Twitter. But with confidence in digital advertising waning, if the share price dissolves as confidence dissolves, Plan A may not last for long.
4% and 14%. Can we hope? Yes.
Can we get to 50%? It is possible.
Great stuff Ed – well done.