The first part was an examination of the group’s difficult 18 months as a public company and how Booktopia had fallen out of favor with institutional investors. At the time of this writing, Booktopia’s market cap had fallen from around $400 million to just $24 million.
A second article revealing Nash’s reaction to the article on LinkedIn, including his response to Age and herald Investigation that Booktopia had described as a “bad guy” in the eyes of investors.
“I don’t like being the bad guy in the investment community. There’s nothing fabulous about that.” Nash told his connections on the social media platform.
The sources said Nash’s post upset the board, which had already agreed on a communications strategy regarding questions about the group’s performance.
Nash is expected to remain a director of the company. He also retains a 14 percent stake in the company.
Booktopia shares rose 3 percent to 32 cents on Friday. That surge was followed by a 6 percent gain on Thursday, when Nash’s firing was announced. Booktopia is also conducting a review of its business, including a cost-cutting program that also includes a series of layoffs across the business.
Nash’s new LinkedIn post this week confirmed the support he received following Thursday’s board announcement.
“ARE YOU OK? Thanks to everyone from near and far who messaged me… I’m fine. I’m really fine.”
“Actually I’m feeling pretty great, relaxed and looking forward to the future.”
Nash, who is active in public speaking, said he will add a new slide to his presentation for his keynote address. “I have a new slide, Bitter V Better. Our choice. I choose to be better than bitter.”
He signed: “Entrepreneurs rock!”
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https://www.smh.com.au/business/companies/better-rather-than-bitter-booktopia-founder-defends-his-legacy-after-sacking-20220715-p5b1uc.html?ref=rss&utm_medium=rss&utm_source=rss_business Booktopia Founder Defends Legacy After Layoff