The high cost of running Twitter as a clubhouse for the perpetually-offended emotional children of the left became apparent just six days after my permanent suspension from the site. I must say the numbers are simply staggering, even by Milo standards.
I was given the boot for good from Twitter on Tuesday, July 19th. Some of my fans tried to dub it “Black Tuesday” until I corrected them, because black Tuesday is a good thing in my world.
Milo fan and all-around solid guy Rosser McIntosh sent me some stats about Twitter’s post-Milo stock performance that is data-porn in the literal sense.
On that day Twitter’s closing share price was $18.33. Jack Dorsey’s 21.86 million shares (3.2% equity) were worth about $400,693,800. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud’s 34.9 million shares (5.2% equity) in the newly sharia-compliant Twitter totalled about $639,717,000.
Just six trading sessions later, Twitter’s stock fell 13.97% to $15.77. The drop in value of Jack’s holding totaled just short of $56,000,000 while Prince Alwaleed suffered a loss of more than $89,000,000. The total market cap of Twitter fell from $12.87 billion to 11.16 billion, $1.71 billion of shareholder wealth deleted like a misspelled tweet.
Of course I called this in advance during my CNBC interview about my banning. My hair is platinum blonde instead of clear, but it serves perfectly as my crystal ball.
Twitter’s earnings report uncovered a load of failures, like an astonishing lack of growth in monthly active users, and the fact that advertisers are not finding it a viable platform to engage customers. But it is plainly obvious that all of these woes are directly related to the regressive left mentality of the company, the ultimate demonstration of which was my banning.
The stock has since recovered to pre-crash levels, but the immediate damage to investors, especially those forced to sell in margin accounts, boggles the mind. So do the profits of anyone that was smart enough to short the stock before earnings!
Regardless of recovery, the writing is on the wall. High-profile executives have been abandoning ship, and even the former CEO of Yahoo! recognizes that the company will be acquired within two years. Twitter is experiencing an epidemic of PTSD for which I have NO SYMPATHY WHATSOEVER. It’s the Twitter users robbed of my coruscating wit I feel sorry for!
As my colleague Allum Bokhari spelled out, Twitter picked a fight with me that it cannot win. My message to Jack Dorsey, his Saudi pals, and all of sharia-compliant Twitter is an old Wall Street adage:
“Pigs get fat, hogs get slaughtered”.