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Prominent venture capitalist and early Twitter investor Chris Sacca wants Twitter to sell itself.
The “Shark Tank” star told Bloomberg TV’s Emily Chang on Tuesday that he is disappointed with CEO Jack Dorsey and has sold many of his shares.
“I don’t own as many as I used to because I’m not an idiot, but I own more than I should because I’m an idiot,” he said.
Sacca, who once said he was the largest single shareholder in Twitter, has been especially vocal about his hopes and fears for the social network over the past year and a half.
In June 2015 he published a lengthy, scathing critique of the company in which he said Twitter had “failed to tell its own story to investors and users.”
“It’s just an incredible story of underachievement – of potential that was never realized,” he said on Tuesday. “I’d be really excited for someone with some product vision to go in there and take some chances.”
After Twitter CEO Dick Costolo was ousted last summer, Sacca publicly called for Dorsey, one of Twitter’s cofounders and the interim CEO, to be appointed permanent CEO.
Sacca told Bloomberg on Tuesday that one of his goals behind pushing Dorsey to be CEO was that he wanted Twitter cofounder and board member Evan Williams to get more involved in the company’s decision making again.
“I think he’s the one who’s had the product vision at the company,” he said of Williams.
Since Dorsey was appointed CEO last year, Twitter’s stock has fallen as much as 50%. The stock has climbed in recent weeks amidst rumors that Google, Disney, Salesforce, and others are eyeing the struggling social network as a potential acquisition target.
Susquehanna analyst Shyam Patil priced Twitter’s potential takeout sale at $17-$26 per share on Tuesday.