Boo-hoo… Gawkers Valley wag blog has the details. Be prepared to shed a tear or two.
Twitter’s stock is currently plummeting down almost 17 percent, but it could have been even worse. The lockup period expired yesterday, prompting fears of a crash should employees and investors decide to sell their stock. But former Twitter employees complained earlier today that they were blocked from cashing out.
Former Twitter engineer Sara Haider, Chad Woodford, Twitter’s former product and business counsel, Mischa Nachtigal, who used to work on media and content partnerships, former engineering managerMark McBride, and others appear to have chimed in on a private Facebook thread about the mismanaged lockup period. I’ve reached out to Haider and others on the thread to confirm that their statements haven’t been doctored.
I also asked Twitter to verify the details and whether the issues have been resolved. Ananonymous reader in Kinja, who directed us to the Facebook thread said “basically no employees have been able to sell,” except executives. According to the thread, a Schwab representative said Twitter placed a hold on exercising options and Schwab did not expect the hold to be lifted until this afternoon.