Twitter Inc (NYSE:TWTR) is definitely troubled but the company and its service is here to stay, according to Mark Cuban.
In an interview on CNBC, the billionaire investor and entrepreneur said that Twitter Inc (NYSE:TWTR) has to solve some issues but he believes the company won’t close up shop any time in the future.
“I think Twitter has issues. I think Twitter is a revenue goldmine. I think that is a reflection of the fact that people don’t fully understand what Twitter is anymore. […] Twitter is here to stay,” Cuban said.
Cuban told Julia Boorstin that he is a “huge” user of the social network’s service. The billionaire points out that he believes Twitter Inc (NYSE:TWTR) is no longer a social network but a service that is the new “PRNewswire”.
He said he uses the company’s service a lot because the bullhorn which is Twitter Inc (NYSE:TWTR) offers a valuable service. Cuban applauds the service’s reach and says that it is “the best search engine, bar none to get current information”.
Meanwhile, when it comes to the company’s CEO, Dick Costolo, Cuban was all praises for his fellow executive.
“Dick [Costolo] grew a company that grew in spite of itself. Remember, this was a company that used to have ‘Fail Whale’ all the time. This was a company that didn’t know what it could be and he rode with its users and he took it globally,” Cuban said.
The billionaire is of the opinion that Twitter should still be run by Costolo, despite what others may think.
Ken Griffin’s Citadel Investment Group ended 2014 with about 2.73 million Twitter Inc (NYSE:TWTR) shares, up 879% quarter over quarter.
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