Calacanis also had great appreciation for Twitter Inc (NYSE:TWTR)’s leadership especially CEO Dick Costolo, and the way the company has grown.
“The most important people in the world […] they are hyperactive on Twitter, and they’re not even present on Facebook and YouTube in large part. If you look at that, what it means is that there is a powder keg that will explode when they turn on video for all verified users which I think will come in the coming weeks. And then, the real thing to look out for is when they split revenue with those very powerful people. When they do that, it’s going to be extraordinary to see where the most talented people in the world choose to put their videos,” he said.
Unlike critics, Calacanis is happy with the way Costolo has run the company.
“Dick Costolo has taken an extremely complicated product, Twitter, and he shepherded it to massive revenue which in these social networks is obviously very complicated. He’s also got the growth [going] very solid. […] The truth is, it’s very easy to screw up these complicated social networks and it’s very hard to grow them and grow revenue in them,” he said.
The growth of Twitter Inc (NYSE:TWTR) may be disappointing some observers especially when compared to other products such as Snapchat or Tinder, he said, but people need to give credit to Costolo for growing Twitter along with its revenue, he implied. The company is also a great place to work in, he said, and people love the service.
Furthermore, Calacanis said that activist shareholders and analysts may be too obsessed with spending. He said that if Twitter Inc (NYSE:TWTR) does not spend money to compete in mobile with the likes of other technology giants, it will become irrelevant.
John Thaler’s JAT Capital owned about 9.96 million Twitter Inc (NYSE:TWTR) shares by the end of September.