December 21, 2016

ANALYST: Twitter is ‘toast’ and the stock is not even worth $10.

The microblogging platform’s chief technology officer, Adam Messinger, tweeted that he would leave the company and “take some time off”, while Josh McFarland, vice president of product at Twitter, also said he was exiting the company. Both executives announced their departure on Tuesday.

Meanwhile, last month, Adam Bain stepped down as chief operating officer last month to be replaced by chief financial officer Anthony Noto, who has yet to be replaced. Twitter has also lost leaders from business development, media and commerce, media partnerships, human resources, and engineering this year.

The departures prompted Trip Chowdhry, the managing director of equity research at Global Equities Research, and a noted “uber-bear” on tech stocks, to issue a note on Tuesday claiming Twitter is “toast” and “not even a $10 stock”.

Twitter was fun in its freewheeling early days, a sort-of 24/7 cocktail party you could visit when it suited you. But it never was useful at driving web traffic, and its signal-to-noise ratio got way out of whack, just as the company was making ham-fisted efforts at monetizing a platform where there wasn’t much money to be made.

The social justice warrior stuff of the last couple of years was really just the stale icing on a badly made cake.