Twitter took on the narrative of “listen and believe”. They appointed people like Anita Sarkeesian’s Feminist Frequency to their Trust and Safety Council and had people like Randi Lee Harper and the Crash Override Network crew in their ear. They censored people like Milo Yiannopoulos, a Conservative provocateur at the behest of comedian Leslie Jones, and have amply ignored a lot of other cases of sexual and aggressive harassment that didn’t fit in line with their Social Justice “progressivism”.
Well, all of these shenanigans that have routed users away from the service and toward other social media start-ups like Candid, GAB and Mind, have caused their share prices to stumble. User growth is flat or declining and their new products aren’t selling like shareholders would like. Worse yet is that CEO Jack Dorsey and some others have been profiting off the decline of Twitter while keeping other shareholders in the dark, and now the investors are fighting back with a lawsuit.
Vessel News has a succinct summary of the events, letting readers know that a complaint was filed in California federal court by a group of shareholders who feel as if Dorsey et al have been withholding vital information regarding Twitter’s stagnated growth. Worse yet, they point to evidence that Dorsey was pocketing funds ahead of the steep drop-off in users while leading investors on with promises of profit growth and business expansion.
Fortune, however, goes a bit more in depth, showing a chart that reveals that Dorsey and a few select members have been selling their shares while the prices were ripe and telling other investors that the shares were still high, even though the company has dipped down to $17 a share.
So what does all this mean? What it means is that shareholders believe Dorsey was selling shareholders one story while reality was telling another. Twitter’s stock was not worth what they were telling their shareholders and the company continues to dive.
Back in January of 2014 they peaked at $69 a share, and have been on a steady decline since then.
The real hits came when Twitter allegedly “purged” conservatives from the platform, as reported by WND back on August 2nd, 2016.
The Washington Times also reported on Twitter’s selective censorship of important topics like the Democratic National Committee leaks that revealed corruption in ensuring Clinton cinched the nod during the DNC Primaries against Presidential hopeful Bernie Sanders.
Twitter hasn’t been alone in the censorship tirades. Mediaite reported that Facebook was also partaking in selective censorship to push an agenda to protect the Democratic National Committee, an eye-opening event that took place after Facebook was accused of culling Conservative topics from their trending feed. Facebook responded by firing the trend setters and replacing them with algorithms.
All of this censorship, agenda pushing and shareholder manipulation has made Twitter a financially toxic entity in the marketplace, with other larger tech companies like Google and Apple forfeiting any bids on purchasing the company. Fortune also reported that Disney backed away from the buyers table as well.
Many suspect that Twitter won’t be around for much longer at its current rate of decline.