Prominent venture capitalist and early Twitter investor Chris Sacca wants Twitter to sell itself.
The “Shark Tank” star told Bloomberg TV’s Emily Chang on Tuesday that he is “disappointed” with CEO Jack Dorsey and has sold many of his shares.
Sacca has been especially vocal about his hopes and fears for Twitter for over the past year and a half. In June 2015 he published a lengthy, scathing critique of the company in which he said Twitter had “failed to tell its own story to investors and users” and was consequently “suffering through a seemingly endless negative press cycle.”
After Twitter CEO Dick Costolo was ousted last summer, Sacca publicly called for Dorsey, one of Twitter’s cofounders and the interim CEO, to be appointed permanent CEO.
Since Dorsey was appointed CEO however, Twitter’s stock has fallen as much as 50%. The stock has climbed in recent weeks amidst rumours that Google, Disney, Salesforce, and others are eyeing the struggling social network as a potential acquisition target.
Susquehanna analyst Shyam Patil priced Twitter’s potential takeout sale at $17-$26 per share on Tuesday.