Chris Sacca, the venture capital investor at Lowercase Capital — who is one of Twitter’s biggest stockholders — has slammed the company in another brutal blog post. This time, he says, the company’s search for a CEO to replace Dick Costolo is a “a debilitating mess.”
What Sacca says is influential. Not just because he owns Twitter stock, but because his calls on Twitter’s strategy have been right on the money. On June 3, he published a lengthy manifesto about what Twitter needs to do to fix its problems (stagnant user base, alienating user interface). A few days later CEO Dick Costolo announced he would leave the company and founder Jack Dorsey would lead a search for a replacement.
Here is Sacca’s opinion on how that search is proceeding:
However, any observer will agree that the CEO transition announcements were sloppy and confusing. Investors were left trying to interpret seemingly conflicting accounts and trying to read the tea leaves about where the company was going. Along the way, specific statements about Twitter’s future crushed investor hopes and turned what could have been a very positive event for the company into a debilitating mess.
You can read the whole thing here.
Some context: Sacca actually loves Twitter, and he uses the product a lot. He says he is holding his Twitter stock for the long-run, and that he believes the company has a bunch of new products and features in the pipeline that can cure its temporary ills.
So while this all sounds harsh, it is actually coming from a place of support. (But it still sounds pretty harsh).
Disclosure: The author also owns Twitter stock.