Twitter is still a colossus in the social media stratosphere, but as a business, it might as well be real estate agency selling oceanfront condos in Kansas. Since going public, this company just can’t get it right.
Even with promising new ventures such as livestreaming NFL games, it’s hemorrhaging money, its shares are plummeting like jettisoned space junk, it’s failed to find a suitable buyer—and now Twitter is going to be cutting another 300 jobs, the second such round of cuts since Jack Dorsey made his (inauspicious) return as CEO.
Twitter should serve as a massive cautionary signpost for how a concept or product can fail when it’s not coupled with an effective business model. Going public, it now appears, was an incredibly damaging move to the company. It has struggled mightily to remain profitable for its shareholders, and with that added pressure, is being forced to sacrifice its talented workforce—one of the most valuable assets of any tech business. In an attempt to churn out dollars, Twitter has tossed great minds into the grist mill.
There’s no doubt that Twitter will remain a premiere player in the world of social media. It’s upended the way we communicate and the way we receive news. Hell, Donald Trump’s witching hour tweetstorms alone could keep the company afloat. What we don’t know is what path this business in turmoil will take. Will an acquisition finally occur that rights the ship behind the scenes? Is Jack Dorsey due for another pink slip?
No matter what happens, you can bet you’ll hear about it on Twitter first.