Gary Coby

This is a breach of fiduciary duty in a publicly traded company. Jack has committed a federal offense in doing this with a publicly traded corporation.

“It is a cardinal principle that an officer or director of a corporation will not be permitted to make out of his official position an undisclosed profit adverse to the corporation’s interests and because of their fiduciary character will not be permitted to acquire for their own advantage interests adverse or antagonistic to the corporation.” U.S. v. De La Mata, 266 F.3d 1275, 1297 (11th Cir. 2001).

Was personal profit acquired here? Yes — perhaps not material capital, but social capital. Jack is a criminal, using Twitter as a vehicle to advance his political causes for the benefit of his gay lovers such as DeRay Mckesson. It’s time for an FTC indictment.

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