Wait for it…
Herein this one lone tweet, lies the single, precarious aspect of relying on social media as a Reg FD disclosure media – IR and counsel may not know the dissemination rules (and limits!) of the media.
Twitter’s published rules per the tweet above:
If you’ve reached the account-based follow limit (2,000 users), you’ll need to wait until you yourself have more followers before you can follow additional users. Follow limits are system-wide; Support cannot remove or adjust your follow limits.
To follow one or two additional users, unfollow a few accounts you’re currently following. Please note, however, that regularly following and unfollowing many accounts at a time is a violation of the Twitter Rules and can result in account suspension.
Is this The-Grandest-Most-Supreme-IR-and-Social-Media-Blog-Post-Ever a little dramatic? Absolutely. However, in context to the years of bandwagoning and name-calling IR has had to put up with from social media pundits about “getting-with-the-times” and “missing-the-boat,” its tenor is appropriate.
Please note that the tweet above from the Twitter investor is poignant in its irony, but the information (follower) cap applies to any company that decides to only use Twitter and their own website for material disclosure. Carefully check each social media channel’s capabilities through your shareholder’s lens.
Our view remains the same. 1.) Social media is a great channel. 2.) Shareholder communications is a mosaic. 3.) Don’t let “newswire fees” be a barrier to safe and broad disclosure. Talk to us. Even better, 4.) Switch to us.