Twitter Stock Tumbles After Analyst Calls It ‘Harvey Weinstein Of Social Media’

Los Angeles, CA (Variety) — Shares of Twitter fell more than 12% Thursday after a Wall Street analyst labeled the company “the Harvey Weinstein of social media.”

In a note to investors, Citron Research founder Andrew Left — who is a noted short-seller — cited a study released this week conducted by Amnesty International that found Twitter was “a toxic place for women,” particularly women of color.

According to an analysis by Amnesty International and Element AI of a crowdsourced review of 14.5 million tweets posted in 2017, about 7% of the tweets targeted at 778 prominent women in government and journalism in the U.S. and the U.K. were or abusive or otherwise problematic. Women of color were 34% more likely to be targets than white women, and black women were 84% more likely than white women to be mentioned in problematic tweets, the study found. (The study did not look at abuse directed toward men.)

In his research note Thursday, Citron's Left wrote that “we immediately knew the stock had become uninvestable and advertisers will soon be forced to take a hard look at all sponsorships with Twitter.” He added that “this story has just begun and advertisers will be forced to make more morality-based brand building decisions.”

Twitter trails … — Todd Spangler/@Variety

Source: Variety, full story

 

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