Twitter Inc (NYSE:TWTR) CEO Dick Costolo is in major trouble. He is continuing to sell the company shares and this is infuriating investors. In an article on Business Insider, it was reported that a major Twitter Inc (NYSE:TWTR) investor has lashed out Dick Costolo and called him a major obstacle in the company success. He said that he is unable to understand why Costolo is selling such a massive load of shares periodically. He also said that if a CEO is selling his own company shares at such an increasing rate, this depicts that the company is in danger. Costolo cannot run the company anymore and Twitter Inc (NYSE:TWTR) needs a new CEO to run the company smoothly.
According to the latest filings, Twitter Inc (NYSE:TWTR) CEO has sold 500,000 shares worth around $5.3 million. He has sold around $17 million worth shares in the past few months and now, he does not hold any Twitter Inc (NYSE:TWTR) shares, according to the source. The article also quoted a spokesperson from Twitter Inc (NYSE:TWTR) who said that these sales are according to a plan that was announced earlier this year.
The investor who is angry with Twitter Inc (NYSE:TWTR) management is not the first case. Dick Costolo has been bashed in the previous investor meetings as well. Many experts are now predicting that Dick Costolo will go off the board and a new management is the only solution for Twitter Inc (NYSE:TWTR).
The investor, who was not named by the source also said that Costolo must not be running Twitter Inc (NYSE:TWTR) anymore. He thinks that Costolo has lost the respect of the company employees; people are leaving and the company is in a mess.
John Thaler’s Jat Capital Management owns over 7.3 million shares in Twitter Inc (NYSE:TWTR).