Chris Sacca, one of Twitter’s earliest investors, says he hates the company’s stock after being asked on the social media platform if there was “any hope for a turnaround.”
A venture capitalist and former lawyer, Sacca was engaging with people throughout the Twittersphere Tuesday, taking particular questions from users about his work history, expertise and worst regrets.
Sacca said that his proprietary venture capital fund sold “most” of its shares once the company chose one of its founders (Jack Dorsey) to be CEO over another (Evan Williams, a.k.a “Ev”). All personal shares were sold soon after.
I haven't owned TWTR for almost a couple years. When they failed to get Ev involved again, I lost hope. Love the service, hate the stock. https://t.co/f7uE5AgpAT
— Chris Sacca (@sacca) March 14, 2017
To clarify: my fund sold most shares soon after Jack came on and didn't bring back Ev. I personally sold last Fall. https://t.co/tOfZUq2U2D https://t.co/RtNHhk2f5B
— Chris Sacca (@sacca) March 14, 2017
Such a mindset is admittedly different than how he once felt of the company that he helped spawn.
“I always felt like the birdie was one of my children and I needed to defend it at all costs,” Sacca said in an original blog post from May of 2015, with birdie referring to the Twitter and its blue-feathered logo. “I never expressed any frustration or disappointment at missed opportunities or any exasperation at what wasn’t happening.”
Sacca described how his once intense sense of ownership and heavy investments in the company were a mistake.
“I don’t own as many as I used to because I’m not an idiot, but I own more than I should because I’m an idiot,” Sacca said in an October interview with Bloomberg, adding at the time that he’s been constantly selling off shares.
Sacca’s influence in Silicon Valley, the colloquial term for the region and people within the tech hub in the San Francisco area, is prominent, since he is a venture capitalist with deep pockets. He has invested in other big name tech companies like Uber, Instagram and Kickstarter, the crowdsource funding service.
Sacca is also one of the featured investors (or “Sharks”) on the highly popular ABC reality show “Shark Tank,” where aspiring entrepreneurs appeal for loans in order to fulfill their business dreams.
I think Twitter's best chance right now would be to open it all up to developers again and give them a sincere chance to make it great. https://t.co/J3mwkW6yKU
— Chris Sacca (@sacca) March 14, 2017
His current suggestions for Twitter: leaving nothing off the table and allow changes.
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