Billionaire Chris Sacca, who was one of earliest investors in Twitter Inc (NYSE:TWTR), said he loves the microblogging service but hates the company’s stock. The investor seems unhappy with the current management of the microblogging network, which has been struggling to gain more users and win shareholders’ confidence.
Sacca Sold All of His Twitter Shares
Sacca said that he sold his entire stake in Twitter. Talking to his 1.8 million followers on Tuesday evening, the investor said he no longer owns a stake in Twitter. He “lost hope” after the company failed to bring back Evan Williams, co-founder of the social media platform, CNBC reported.
“Love the service, hate the stock,” Sacca said in his tweet.
Sacca is the owner of Lowercase Capital, a venture capital fund that has invested in many early-stage technology companies including Twitter, Uber, Instagram, Twilio and Kickstarter.
Sacca told his followers that his fund sold “most” of its shares in Twitter after Jack Dorsey returned as CEO in 2015. He said he personally sold his stake last fall.
The investor believes that Twitter Inc (NYSE:TWTR) could benefit from being acquired.
“I would love to see them in a partnership or an acquisition position with a company, just so they would get a little more product vision, maybe freedom to experiment and take some risk, because we just haven’t seen that out of this team,” he told CNBC.
Twitter Should Get Rid of Automated Robot Accounts
Sacca also said that the social networking platform should tackle “bots” or automated robot accounts.
Researchers at the University of Southern California and Indiana University found that up to 15% of Twitter accounts are bots. They are not real people. This means, of the platform’s 319 million monthly active users, nearly 48 million are bot accounts.
The investor believes that removing those bot could hurt the company in the short term, but it would be beneficial in the long-run. He did not specify how it would be beneficial for the company.
Moreover, Sacca advised Twitter and said that the platform should be opened up to developers again to hopefully come up with new innovations.
Shares of Twitter Inc (NYSE:TWTR) are down 8.62% for the year. The stock has fallen 8% during the last 12 months. During the past six months, the stock has dropped by more than 18%.