Twitter, the ultimate microblogging platform and one of the sculptors of our current Communication Age, might be doomed. Terms like “too big to fail” probably swirl through your head as you read this, but let me remind you that MySpace was once the biggest thing going. Yup, major social media outlets CAN fail and we might be edging towards a post-Twitter era. While it’s too soon to be changing all your hashtags to #doom and #gloom, there’s definitely something amiss at the bird house.
Recently, we reported that only one of Twitter’s executives had bought stock this year — and even then, it was only seen as a strategy move by its Chief Financial Officer Anthony Noto, who was allegedly eyeing the CEO chair after Dick Costolo resigned. But Noto might have just put his money in a blender because Twitter stock is down 25 percent since May.
And the executives keep quitting. The latest to go is the former CFO, Mike Gupta, who had overseen the company’s financial assets at its IPO, but had scaled back his role to become Vice President of Strategic Investments before now outright leaving to take CFO work at a less prestigious software company. And company founder Jack Dorsey is now pulling double CEO duty, running both his digital banking company Square as well as clutching the reins at Twitter, apparently unable to find a suitable CEO replacement (or unwilling to?).
In short, everything that comes out of Twitter lately seems not just bad, but downright severe. It’s a company that struggles with a profit model, seeing only one instance of being in the black so far — its 4th quarter of 2013, according to Business Insider. And while there has been positive news in the past about returns on utilizing advertising on its site, the corporate shuffle is indicative that people might be losing faith in an 140 word system. #uhoh.