Notable investment advisor Ross Gerber tweeted his thoughts through a Bloomberg interview, revolving around the latest events at social media companies Twitter (TWTR), Meta Platforms (FB), and Snap (SNAP).
The much-awaited Elon Musk Twitter takeover vote at the latter’s shareholder meeting was deferred to an undecided date. Gerber said that he would have 100% voted in favor of the deal and that he is eagerly waiting for it to go through. “Elon is going to do a phenomenal job fixing this wonderful asset,” Gerber quoted. Arbitrary decisions and a lack of transparency are the two most annoying things about Twitter’s current management, Gerber added.
Surprisingly, the microblogging site’s founder and ex-CEO, Jack Dorsey, did not stand for re-election this year and has decided to quit the Board. Talking about the significance of his departure, Gerber said he believes that Dorsey will be back and that he will play a role in the new Twitter. Notably, Dorsey has shown full support for Musk’s takeover deal.
Another important fallout from the meeting was the non-election of Egon Durban, CEO of Silver Lake Capital and a friend of Musk.
Meanwhile, billionaire investor Peter Thiel also announced his withdrawal from Facebook’s Board after 17 long years, at the annual shareholder meeting held yesterday. Thiel has decided to devote his time to politics.
When asked about what Snap’s recent revision in second quarter guidance meant, Gerber noted that rival TikTok is massively attracting the youth away from all of the social media sites, including Facebook, Instagram, and Snapchat. Moreover, Apple’s privacy changes and lack of innovation are also harming the platforms.
Nonetheless, Gerber believes, “Twitter serves a completely different demographic” compared to other companies. People look for information and news on Twitter, making it a very powerful and valuable platform in the world. Twitter, according to Gerber, has more intrinsic value than the other platforms.
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