Original article here.
The company has limited employees’ ability to sell their stock in the company.
As Facebook moves closer to its IPO, fellow social media giant Twitter is doing its best to remain private–much to its employees’ chagrin.
Emails obtained by CNNMoney show that Twitter initiated an internal policy last year that forbids shareholders—many of whom are employees—from selling more than 20 percent of their shares.
Although the company is not yet public, the company has played matchmaker to connect private buyers with current shareholders, CNNMoney says.
The rule has caused dissent among Twitter’s employees, and even led to the departure of Evan Weaver, Twitter’s former senior technical engineer, CNNMoney reports. Weaver resigned in August, stating in an email to all employees that it was over “policy disagreements” with the company.
Twitter CEO Dick Costolo repsonded to Weaver’s email the same day, the report says, stating that the 20 percent policy was enacted to keep the company under the 500-shareholder threshold that pushes companies closer to a public filing. –John McDermott