The Twitter stock nosedived over 12 percent after a well known Wall Street analyst called the micro-blogging platform the “Harvey Weinstein of social media”, days after an Amnesty International research study found Twitter a “poisonous” place for women.
In a note to investors, online investment newsletter Citron Research’s creator Andrew Left called the platform the “Harvey Weinstein of social networks” and set a low target rate of $20, TechCrunch reported.
Twitter immediately saw its stock plunging over 12 percent on Thursday.
Left cited the most recent study by Amnesty that found Twitter was “a toxic location for women”, particularly females of color, political leaders and journalists.
“Citron has actually been following Twitter for many years and when we read the just-published piece from Amnesty International, we immediately knew the stock had become uninvestable and marketers will soon be forced to take a tough take a look at all sponsorship with Twitter,” Citron composed in its report.
On December 18, an Amnesty International study said that on an average, women get a violent or troublesome tweet every 30 seconds, including that Twitter is a “poisonous” platform for females.
“Women of color (Black, Asian, Latinx and mixed-race females) were 34 percent more likely to be pointed out in abusive or bothersome tweets than White women,” showed the findings.
In his research note, Citron’s Left stated that “we immediately knew the stock had actually become uninvestable and advertisers will soon be required to take a tough take a look at all sponsorship with Twitter”.
Left included that “this story has actually just begun and marketers will be forced to make more morality-based brand name structure decisions”.
Twitter responded to Citron’s note, saying it’s been working to reign in the sort of abuses that the Amnesty report criticized them for.
“Our abusive behavior policy strictly forbids behavior that pesters, daunts or silences another user’s voice,” a Twitter spokesperson informed TechCrunch.
Vijaya Gadde who is Legal, Policy and Trust and Safety Global Lead at Twitter likewise safeguarded the company, declaring that it wasn’t clear how Amnesty specified abusive language in the report.
“I would note that the concept of ‘troublesome’ material for the purposes of classifying content is one that necessitates additional conversation. It is uncertain how (Amnesty has actually) defined or categorized such material, or if (they) are suggesting it ought to be gotten rid of from Twitter,” Gadde said in a statement.
The Amnesty study, however, specified “troublesome content” as content that is hurtful or hostile, especially if duplicated to an individual on multiple or cumulative celebrations, but not as intense as an abusive tweet.
In its research study, Amnesty International said that one in 10 tweets discussing Black women political leaders and journalists in a sample analysed by the organisation was abusive or troublesome.
“We discovered that although abuse is targeted at ladies throughout the political spectrum, females of color were far more likely to be affected, and black women are disproportionately targeted,” Milena Marin, Senior Adviser for Tactical Research at Amnesty International stated in a statement.
“Twitter’s failure to crack down on this issue indicates it is adding to the silencing of already marginalised voices,” Marin included.