My investment thesis in Twitter has always revolved around three notions: It's an important network that has proven to be extremely difficult to replicate. Either they get it figured out under Costolo’s watch, they get it figured out under a new CEO’s watch, or they are acquired. Pretty simple. I’ve never suggested (nor do I suggest) one make acquisition the cornerstone of any thesis. It’s a bailout in some cases. You know it’s likely the worst-case scenario based on some competitive advantage so then it’s just a matter of price. And price always matters. Some reading this bought Twitter at $50 and are pissed. Others have a far lower cost basis and therefore likely have a more positive take on things. I fall in the latter and I hope you do too.
It seems like there’s a lot of silly back and forth on the number for any potential Twitter bid. We’ll know if and when we know and I’ll stick with what I’ve said here: