The full thread is worth reading & is an interesting preview of what’s coming for activist investing One of the most absurd takeaways here is that no one knows how many shares there are in a company’s float at any specific moment except @ reporting time. Why’s it matter? 🧵

Let’s start with the easy one - market cap A company’s market cap is Share Price * Number of Shares Without both input, it’s literally just a best guess

Also very important is the large holder filings (13G & 13D). As @rleshner found out first hand, if you don’t know how many shares there are you don’t even know if you need to make one of those filings (or what figures to include)

Another important implication - governance As the company, you want to know who your big shareholders are, especially if there’s a contentious vote coming up As an investor, it’s the flip side of the same coin (doubly so if you are trying to determine those filing reqs)

The entirety of capital markets is running on best guesses and duct tape. It’s a quarter of the way through the 21st century, we can do better. We have the technology. Crypto fixes this.