Market News

Twitter Faces Jack Dorsey’s Criticism

Facing a huge wave of public opinion on Elon Musk’s proposed acquisition of Twitter, Inc. (NYSE: TWTR) for $43 billion, the social media company is not yet unscathed by insider commentary. 

The co-founder of Twitter, Jack Dorsey, has also criticized the firm for a specific feature, despite having introduced the feature over a decade ago under his chairmanship. Dorsey stepped down from the position of CEO in November 2021 but remains a director on its board.

Dorsey’s Tweets 

Mr. Dorsey’s comments, which he declined to detail, put him on the same podium with Musk in terms of criticizing the social platform and its policies.  

Recently, Mr. Dorsey agreed with a user’s complaint regarding the misuse of the retweet button on Twitter. “One click retweets are assault on attention. Wish I could filter by original tweets and quote retweets only,” the user wrote. Mr. Dorsey tweeted in relation to Twitter’s board, “It’s consistently been the dysfunction of the company.” 

Consequently, upon being questioned about his comments despite being part of the same board for years, he tweeted, “So much to say…but nothing that can be said.” 

Price Performance 

Shares of Twitter jumped by 27% on April 4 to $49.97, following Musk’s stake disclosure. Since then, it has been swaying wildly above $40, with the recent rise of 1.21% at yesterday’s close.  

Following Musk’s proposal, the market has heard murmurs about private equity firm Thoma Bravo and investment management firm Apollo Global Management, Inc. (APO) to be prospective bidders to buy Twitter. This is despite the fact that up until Musk’s proposal, the company was not up for sale. It seems that investor anxiety will continue until Twitter’s Board reaches an acceptable conclusion. 

Wall Street’s Take 

Recently, Citigroup analyst Ronald Josey assumed coverage of Twitter with a Hold rating and a price target of $50 (7.02% upside potential), up from $41.  

Josey considers the broader Internet sector to be “healthy” on a rising number of online customers and foresees “multiple vectors ahead for sustained growth.”

Overall, the stock has a Hold consensus rating based on five Buys, 22 Holds, and three Sells. The average Twitter stock forecast of $45.84 implies 1.88% downside potential to current levels.

Bloggers Weigh In  

TipRanks data shows that financial blogger opinions are 64% Bullish on TWTR, compared to a sector average of 68%.

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