Philadelphia Citizen Plans Green Bay Packers–Style Stock Offering
In a move Larry Platt says is inspired by the Green Bay Packers, the Philadelphia Citizen will soon be selling shares in itself.
The site, run by former Philadelphia magazine and Daily News editor Larry Platt, quietly began posting articles in September. Now Platt tells Technical.ly Philly the site will begin selling shares. It won’t be traditional stock, as it won’t go up and down and it won’t pay dividends.
“We want the citizens of Philadelphia to own this civic entity,” Platt wrote in an email to Technical.ly. He didn’t say what, exactly, Citizen stock buyers would be getting in return. Green Bay Packers stockholders get a certificate to frame and put on the wall (or leave in a drawer, et cetera).
The Philadelphia Citizen manifesto — revised from earlier — says the site will launch an interactive website next year that will “mobilize an army of citizens to take their city back from the purveyors of the status quo.”
Also, still part of the plan:
Members of The Philadelphia Citizen community will publicly swear an oath to “Stand for Philadelphia.” The website will track in real time the number of converts to this heightened commitment to Philadelphia citizenship.
The plan to sell shares in the Citizen is still being worked out, Platt says.