Investor Chris Sacca has continued to critique the executive board of Twitter for being slow and undecided, as the social media company is in its third month of having just an interim CEO.
Sacca is making it loud and clear that he is supporting Jack Dorsey, current interim CEO at the San Francisco-based company, for the permanent position. Dorsey has been in charge since former executive and co-founder Dick Costolo resigned earlier this year.
"They are running a 'process' yet there is only one person fit to run this company: @Jack," Sacca tweeted. "Enough is enough." Sacca was urging the board to make what he thinks is the right decision.
Enough is enough. The board needs to act. They are running a "process" yet there is only one person fit to run this company: @jack.
— Chris Sacca (@sacca) September 11, 2015
It is not a first for Sacca to express himself using Twitter. In a series of tweets dating Aug. 7, Sacca endorsed Dorsey. In May, the investor posted on his blog an extended open letter, 8,500 words long, in which it showed the problems of Twitter and offered solutions. In his opinion, the board's passivity also led to succumbing stock values. Stock prices have been reacting to the management upheaval as of late. The company had a peak of $70 per share in December 2013, but a rapid decline started in February 2014. "Heart and soul of Twitter," Sacca described Dorsey, who is also the CEO of mobile payments company Square. Market observers have expressed worries that Dorsey is faced with too much responsibility at Square to be able to also run Twitter.
Employees, users, media partners, advertisers, and even recruits all love @jack. He is the heart and soul of Twitter. — Chris Sacca (@sacca) September 11, 2015
"The market knows that [Dorsey] has such strong teams at both [Square] and [Twitter] that he can run both companies," Sacca said. "This is settled."
The market knows that @jack has such strong teams at both @Square and @Twitter that he can run both companies. This is settled.
— Chris Sacca (@sacca) September 11, 2015
Twitter officials could not be reached for comments on the tweets from Sacca.
The dwindling performance of Twitter creates even more tension. Last year, a group of investors complained publicly over the network's capacity to produce extra value and expand its user base. The little to non-existent traffic-based income, investors said, is another aspect where Twitter is letting them down. Since June, a number of important senior-level employees parted ways with the company due to the management crisis.
