One of Twitter’s early investors, Chris Sacca, who has also been a longtime supporter of the micro-blogging site, now seems to be critical of the current state of affairs at the company. In a blog post on Thursday, Sacca suggested that he would soon come out in public to express his thoughts on what he hopes the Twitter “team will accomplish.”
Why this sudden change?
In his post titled “I Bleed Aqua,” Sacca talked about his loyalty and his continued belief in the potential of Twitter. Sacca noted many instances when he helped Twitter finalize monetization deals and funding rounds even though he was not an official Twitter employee or the board member.
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However, the investor noted that “during all of these years, I haven’t been as candid as I could be in public discussions about Twitter,” adding “I am soon going to post a few things that I personally hope the Twitter team will accomplish.”
This recent and sudden change in Sacca’s opinion of Twitter may be related to his recent interaction with CNBC’s Jim Cramer, where they both talked about what is going wrong with the company, and how it could be made better.
Is Sacca unhappy with Twitter management?
Sacca’s post comes a month after the micro-blogging company posted unimpressive quarterly earnings, which missed revenue estimates, along with indicating the still persistent problem of user growth. Twitter, which went public in November 2013, is struggling with slowing user growth and sales. In light of this, there have been many voices demanding the exit of CEO Dick Costolo. It will be interesting to see if Sacca, a longtime Twitter supporter, also makes a case against Costolo.
Sacca, the founder of Lowercase Capital, invested in Twitter during its Series A round of financing. Along with being an early investor, Sacca played an important role in assisting late-stage investors including JP Morgan and Rizvi Capital Management in acquiring significant stakes in the micro-blogging firm by rounding up shares through secondary sales, and buying stock from earlier investors and vested employees.
Though Sacca posted his initial thoughts on Twitter, he gave no information on when or where he will share his views. On Thursday, Twitter shares closed down 0.27% at $36.68, and year to date the stock is up over 2%.