Good morning everyone.

I wake up every morning and I check the trending bar on Stocktwits. Yes, it’s sad, but habits are habits and it’s better for me at age 56 than eating a bowl of Lucky Charms.

Yesterday I saw Twitter trending and that Jack Dorsey was ‘stepping down’ which meant that Eliot Management (with two board seats) had finally said to Jack GTFO.

I follow Twitter too closely because Twitter is my favorite product (since 2007), inspired Stocktwits and a lot of my best investments and I have expected it to be a public company worth multiple hundreds of billions which Stocktwits would draft and all would live happily and in peace for generations.

It was always clear to me that Twitter would integrate trading and betting (take a piece of billions of transactions a year – The Ultimate PFOF) and become the next sports and finance juggernaut…a Yahoo 2.0 (in the best way).

Instead they have became Yahoo in too many ways.

As Ben Thompson summed up this morning in his fantastic essay on Twitter and Jack’s ‘resignation’:

Moreover, the fact of the matter is that Twitter has now had one business model and five CEOs (counting Dorsey twice); maybe it’s worth changing the former before the next activist investor demands yet another change to the latter.

I have been brutally tough on Twitter, the executive team and the board (the worst board in modern tech history) because I see what Ben sums up so clearly. It is the business model that Twitter has had wrong.

Oh well, Draftkings and the rest of the gambling apps can make a fortune on the over/under of how long the new CEO lasts.

PS – Please DO read Ben Thompson’s excellent essay this morning on Twitter.