Search the Community
Showing results for tags 'stock'.
Found 1 result
Twitter Inc. (TWTR) got called the “worst stock to own” by billionaire investor Chris Sacca, one of the embattled social network’s earliest investors. In a tweet this week, Sacca said he “hates” Twitter’s stock and took issue with the fact that millions of Twitter’s accounts are bots. The investor hasn’t owned shares of Twitter for a couple of years, saying he “lost hope” after Twitter failed to bring back co-founder Evan Williams. “Love the service, hate the stock,” the host of ABC's "Shark Tank" tweeted in response to a question from a fan. Lack of Innovation Cited Sacca, the founder of Lowercase Capital and an Uber investor, has been upset with Twitter during the past few months, telling CNBC last year a sale is in Twitter’s best interest. Sacca said then a partnership or acquisition would help Twitter with product vision and give it the freedom to experiment and take risks, something he said he hasn’t seen since Jack Dorsey returned to the helm in 2015 as CEO. The billionaire investor isn’t the only one who thinks Twitter lacks vision. Earlier this month, Stratechery.com slammed Twitter in a blog post with website operator Ben Thompson arguing the social network has stagnated when it comes to product development, which will have a negative impact on the company’s prospects over the long term. “Twitter has been, and will always be, handicapped by its initial idea, which transformed the way people around the globe connect and communicate,” said Thompson. As for Twitter’s bot problem, earlier this week the University of Southern California and Indiana University issued a research report that shows as many as 15% of Twitter accounts are bots instead of people doing the tweeting and retweeting. Relying on more than a thousand different criteria to identify if an account is a bot on Twitter, researchers found that 9% to 15% percent of the accounts aren’t human. Given that Twitter has 319 million monthly active users, 15% means 48 million accounts are actually bots liking, retweeting and following companies and users of the social media network. Sacca told CNBC the bots is one of the largest issues for Twitter, and while eradicating them would hurt Twitter’s user numbers in the short term, it should help over the long run. So how can Twitter right what some would say is a sinking ship? Sacca said Twitter should reopen the platform to developers so they can come up with new reasons to use Twitter, reported CNBC.