Twitter stock down after analyst calls it “Harvey Weinstein of Social Media” – TechCrunch
Twitter was down 11 percent today after a Citron Research report called the platform, the “Harvey Weinstein of social media” and set a low target price of $20. As of publishing today, the stock was down over 11 percent at $29.29 a share.
In their report Citron did not mince words, basing their conclusions on an Amnesty International Report on abuse on the Twitter platform. “Citron has been following Twitter for years and when we read the just published piece from Amnesty International, we immediately knew the stock had become uninvestable and advertisers will soon be forced to take a hard look at all sponsorships with Twitter,” Citron wrote.
Citron was reacting to an Amnesty International report which took Twitter to task for not doing more to curb abusive behavior. “We have built the world’s largest crowdsourced data set about online abuse against women… Twitter is a place where racism, misogyny and homophobia are allowed to flourish basically unchecked,” the Amnesty report stated.
The report went on to call out Twitter for not doing more. “To be clear: it is NOT our job as a human rights organization to be analyzing abusive tweets on this platform – it’s Twitter’s. “But [the company’s] refusal to make public this information, while allowing abuse to flourish basically unchecked, meant we had to do this study for them,” the report said.