Twitter: Jack Dorsey's Departure Was Necessary, But Not A Definite Fix
The big market moving news of the day was that (TWTR) CEO Jack Dorsey stepped down immediately. The stock is now down on the day, as the market probably wanted an external candidate or an outright sell of the business for a quick gain. My investment thesis remains Bullish on the stock looking for focused leadership to build out the subscription business to accelerate growth.
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Disclosure: Long TWTR. Please review the disclaimer page for more details.
Update - Dec. 7
Interesting deal by the new CEO. Definitely looking forward to the management team now being unleashed to monetize the service. The stock shouldn't trade at the yearly lows.
Update - Dec. 1
For once, Cathie Wood actually bought a beaten down stock. Her funds bought 1.1 million shares of Twitter. -Twitter touched a 2021 low of $43 yesterday, and Wood grabbed shares split across three of her actively managed ETFs. Wood's flagship fund ARK Innovation ETF (NYSEARCA:ARKK), led the charge buying up 623K shares, while ARK Next Generation Internet ETF (NYSEARCA:ARKW) amassed just under 162K shares and ARK Fintech Innovation ETF (NYSEARCA:ARKF) purchased 327K shares.