Coinbase CEO Armstrong’s Twitter Rant: Grow Up. Criticism Is Part Of ‘34 Act Co. Leadership.

[This Saturday fodder is from another of our properties. We aim to point out here that feckless crypto- billionaires took all the benefits of the world's greatest capital markets when they listed as public '34 Act companies last year, but now -- in a crypto- winter (or ice age, if one prefers) they don't really understand the duties of public company stewardship -- especially as to fellow shareholders. Sheesh -- here it is:]

So, almost trivially — late on Friday night, Coindesk prints a fawning piece — about parent Coinbase CEO Brian Armstrong’s response by tweet to criticism (apparently of his executives, coming from within the company).

Confidential to Junior Armstrong: all of your employees were granted $25,000 worth of ‘34 Act registered shares, back in April of 2021 — as you personally sold about $300 million worth of your own stock.

That means the person critiquing you, and your team. . . is very likely a shareholder.

That means… as a steward of a ‘34 Act company, you are duty bound to listen — and answer respectfully. But here is one (of 16) of his tweets, on it:

. . .Fourth, posting this publicly is also deeply unethical because it harms your fellow co-workers, along with shareholders and customers. It's also dumb because if you get caught you will be fired, and it's just not an effective way to get what you claim to want. . . .

These are rights public company shareholders have, and a threat to fire the complainer. . . easily makes out a case of breach of fiduciary duty on your part, Brian.

Grow up. Shut up. Work the problems, and hold open meetings to allow the respectful airing of shareholder / employee concerns. . . or ride the NLRB lightning, like Amazon.

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