Shares in Twitter fell 11 percent to $ 29.29 on Thursday after an investor said the company was "toxic" and described it as "Harvey Weinstein of social media." The memo follows a recent Amnesty International report condemning the harassment on the site.
Citron Research, Andrew Left, who announced last March that he had a short position in Twitter shares, was led by Citron Research, CNBC reported. The report did not say whether he still had this position.
"Citron has been following Twitter for years, and when we read the just-published article from Amnesty International, we knew immediately that the stock was becoming uninvestable and advertisers would soon have to take a closer look at all Twitter care services," the report said. , Which sets the price target of $ 20 for Twitter.
According to Amnesty International's estimates, a group of 778 political and journalist women in the United States and the United Kingdom received "abusive or problematic tweets" once every 30 seconds on average in 2017. Women received more color than Black women The tweets of white women. , According to the study.
Citron asserts that brands will not want to advertise on a site known for harassmentBut he predicts that efforts to regulate speech on the site will make users away.
"Ask anyone from Laura Ingraham to Kevin Hart to Tucker Carlson how enthusiastic advertisers are going about linking to anything that indicates intolerance," says the Citron report.
At the time of Amnesty International's report, Vijaya Gad, president of Twitter Insurance and Safety, said the company was committed to improving speech on the site.
"Twitter has publicly committed itself to improving the collective health, openness and civility of public dialogue in our service," she wrote in a public response to Amnesty International. "Twitter's health is measured by how we can help encourage more discussion, dialogue and critical thinking."
Gad also asked how the study identified "problematic".
"With regard to the forthcoming report, I would like to point out that the concept of" problematic "content for content classification purposes is a concept that requires further discussion." It is not clear how you define or classify these content, or if you propose removing it from Twitter. We are working hard to create globally enforceable rules and we have begun to consult the public as part of the process – a new approach within the industry … "
Twitter did not immediately respond to the query from Quick company. CNBC said the company had made a serious statement in response to a query on the Citron report.