The article is from WeChat public account: Yourseeker (ID: yourseeker2018) , author: Zeng Xiang, title figure from: IC photo

As the second largest social media platform overseas for a long time after Facebook (and its sub-products) (TikTok is not counted for the time being) , Twitter has always puzzled me.

What puzzles me most is why, today, it has become an overseas mobile Internet infrastructure, but its commercial value has not been widely recognized? Even Facebook, which has been in the market for only one year in the morning, has now quadrupled its market value, while Twitter’s stock price is still below the issue price.

This is by no means the simple conclusion of “Social Network Winner Take All”.

A few months ago, a professor at the Stern School of Business at New York University, as a mini shareholder, couldn’t stand it anymore. He wrote a statement debating the current CEO of Twitter. He was not as good as the American leader in contributing to the company.

After all, if you buy and hold this president who is good at administering Twitter, you will get a 60% increase today.

Not long ago, a blockbuster news about Twitter was circulating in Silicon Valley. A well-known hedge fund couldn’t stand Twitter CEO Jack Dorsey’s “inaction” and decided to buy a certain amount of stock to gain the right to speak and push the board to withdraw him.

Twitter’s market value performance over the years is completely unsatisfactory for shareholders. How did this happen? There may be three reasons: the wrong decision of the commercialization path, the unfavorable investment and mergers and acquisitions, and the negative slack of product innovation.

Investors request a coach change

The recently launched hedge fund named Elliott Management has an asset management scale of more than 10 billion U.S. dollars. It has won multiple financial battles such as the Peruvian sovereign bond default, the Argentine government default, and Lehman bankruptcy. .

He is at the helm of a very savvy and tough Wall Street tycoon—Paul Singer (Paul Singer) , Not long ago, following Twitter and holding nearly 4% of the company’s shares, he tried to promote the replacement of the current CEO.

They have three reasons:

1. The company’s stock price is not performing well. Since Jack became CEO in July 2015, the company’s stock price has fallen 6.2%, while Facebook’s stock price has risen 121% over the same period;

2. Product innovation is progressing slowly. Compared horizontally, Facebook has made several large acquisitions, and its sub-products are copied from Story, and Snapchat is the most dynamic social product, and it has always been loved by young people.

Only Twitter, which hasn’t had any major product innovations for a long time, has just buried itself in optimizing core services, and constantly tossing information flow ordering. The user scale, engagement and advertising inventory have not soared, and management seems to be indifferent to this;