Chris Sacca, a tech investor and the single largest shareholder in Twitter, pulled no punches when it came to his thoughts on the social media company’s board of directors.
“I think what happened in the case of Twitter was the company, over this last quarter and a half, was being run by the board. And those aren’t people I want to build relationships with,” Sacca told TheWrap’s founder and editor in chief Sharon Waxman Tuesday during the sixth annual TheGrill media leadership conference.
“I want to work with the founders, the doers, the makers. People who are driving the company, not the mercenaries, not the outsiders, not the country club of old white guys who move from company to company as professional board members,” he continued, paraphrasing a line from fellow investor David Sacks. “F–k that noise.”
See video: TheGrill 2015: Investor Chris Sacca Says Twitter Made 'Fundamental Mistake' During IPO
Sacca also ripped the board, which includes executives such as Peter Chernin, Peter Currie, and Peter Fenton, for what he called a “fundamental mistake” when the company went public in 2013. “In its IPO filing Twitter said, ‘You should measure the growth of this company based on monthly active users who are logged in to the site,'” he said. “I think that was a mistake.”
Sacca explained that such metrics make sense for a platform like Facebook, which requires login, friend associations and a pint of blood to work, but he said that “in order to get the Twitter experience it doesn’t actually need to know anything about you.”
“It was really advocated strongly by the bankers and mutual funds who wanted to buy something familiar and put it into an existing model,” Sacca explained. “I think they didn’t fundamentally understand Twitter and that set us up for that challenge.”
TheWrap's editor in chief Sharon Waxman kicked off the sixth annual TheGrill Conference Day 1. "Empire" co-creator/writer Danny Strong (left) and producer Brian Grazer spoke onstage during the first day of TheWrap's 6th Annual TheGrill. Producer Brian Grazer spoke onstage during the first day of TheWrap's 6th Annual TheGrill. "Empire" co-creator/writer Danny Strong and producer Brian Grazer spoke onstage with Sharon Waxman during the first day of TheWrap's 6th Annual TheGrill. "Empire" co-creator/writer Danny Strong and producer Brian Grazer spoke onstage during the first day of TheWrap's 6th Annual TheGrill. "Empire" co-creator/writer Danny Strong and producer Brian Grazer spoke onstage with Sharon Waxman during the first day of TheWrap's 6th Annual TheGrill. Maker Studios CEO Ynon Kreiz spoke onstage during Day 1 of TheGrill 2015. Also Read: Maker Studios CEO Addresses 13-Year-Old YouTube Star Caleb Logan Bratayley’s Death for First Time Maker Studios CEO Ynon Kreiz (left) spoke onstage with AwesomenessTV founder and CEO Brian Robbins (right) during Day 1 of TheGrill 2015. Also Read: AwesomenessTV, Endemol Sign Multi-Year Partnership to Expand Teen Presence Internationally Brian Robbins, founder & CEO of AwesomenessTV, spoke onstage during the first day of TheWrap's 6th Annual TheGrill. Also Read: TheGrill 2015: Tyler Oakley Doc Exclusive First Look Reveals Coming Out Story, Digital Rise REDEF CEO Jason Hirschhorn spoke onstage with TheWrap's editor in chief Sharon Waxman on Day 1 of TheGrill 2015. Edelman president of strategic partnerships and global integration Gail Becker presented results of new consumer study on Day 1 of TheGrill 2015. Edelman president of strategic partnerships and global integration Gail Becker presented results of new consumer study on Day 1 of TheGrill 2015. Robert Kyncl, chief business officer at YouTube, spoke about the platform's growth rate during Day 1 of TheWrap's 6th Annual TheGrill. Also Read: TheGrill 2015: YouTube’s Robert Kyncl Isn’t Sweating Competition, Touts Site’s ‘Astounding’ Growth Robert Kyncl, chief business officer at YouTube, spoke about the platform's growth rate during Day 1 of TheWrap's 6th Annual TheGrill. Also Read: TheGrill 2015: YouTube’s Robert Kyncl Isn’t Sweating Competition, Touts Site’s ‘Astounding’ Growth Jason Hirschhorn talked to Kyncl about YouTube's growth and challenges at the first day of TheWrap's 6th Annual TheGrill. Also Read: TheGrill 2015: YouTube’s Robert Kyncl Isn’t Sweating Competition, Touts Site’s ‘Astounding’ Growth Andrew Glasgow, SVP at Viacom Scratch, spoke about the declining attention span of Americans during the first day of TheWrap's 6th Annual TheGrill conference. Also Read: TheGrill 2015: Viacom Scratch SVP Andrew Glasgow on Navigating Consumers’ Short Attention Spans Nancy Dubuc, president & CEO of A+E Networks, spoke about the disruption of cable TV during the first day of TheWrap's 6th Annual TheGrill. Also Read: 1 Day to TheGrill! 6 Ways to Be a Boss Like A+E Networks CEO Nancy Dubuc Nancy Dubuc, president & CEO of A+E Networks, spoke about the disruption of cable TV during the first day of TheWrap's 6th Annual TheGrill. Also Read: 1 Day to TheGrill! 6 Ways to Be a Boss Like A+E Networks CEO Nancy Dubuc Dawn Ostroff, president of Conde Nast Entertainment, attended the first day of TheWrap's 6th Annual TheGrill. See video: TheGrill 2015: Conde Nast’s Dawn Ostroff on Making Digital ‘Frenemies,’ Chasing Ad Dollars Van Toffler attended the first day of TheWrap's 6th Annual TheGrill. Also Read: TheGrill Is Almost Here! 3 Questions With MTV’s Van Toffler From left to right: TheWrap's executive editor Joseph Kapsch, "So You Think You Can Dance" executive producer Nigel Lythgoe, Electus founder and chairman Ben Silverman, PactUS president David Lyle, and "Big Brother" executive producer Allison Grodner. PactUS president David Lyle discussed the state of reality TV during Day 2 of TheGrill. See video: TheGrill 2015: 4 Reality Titans Debate the ‘Death’ of Unscripted TV, Hits and Misses of the Genre "Big Brother" executive producer Allison Grodner discussed the state of reality TV during Day 2 of TheGrill. Nigel Lythgoe discussed the state of reality TV on Day 2 of TheGrill. Electus founder and chairman Ben Silverman talked the state of reality TV during Day 2 of TheGrill. CNBC reporter Julia Boorstin attended TheWrap's sixth annual TheGrill conference at The Montage Beverly Hills. Conde Nast Entertainment president Dawn Ostroff discussed content creation on Day 2 of TheGrill. Box founder and CEO Aaron Levie discussed content protection with TheWrap's editor in chief Sharon Waxman on Day 2 of TheGrill. Golden Globe nominee Maria Bello discusses her life and career during Day 2 of TheGrill Golden Globe nominee Maria Bello discusses her life and career during Day 2 of TheGrill From left to right: Movio co-founder and chief executive Will Palmer, Fandango president Paul Yanover, Skydance Media CCO Dana Goldberg, IMAX's head of international marketing Roger Pollock, Universal president of worldwide marketing Josh Goldstine, and TheWrap's Deputy Managing Editor Thom Geier discussed the moviegoing experience on Day 2 of TheGrill. IMAX's head of international marketing Roger Pollock discussed the moviegoing experience on Day 2 of TheGrill. Fandango president Paul Yanover discussed the moviegoing experience on Day 2 of TheGrill. Skydance Media CCO Dana Goldberg discussed the moviegoing experience on Day 2 of TheGrill. Movio co-founder and chief executive Will Palmer discussed the moviegoing experience on Day 2 of TheGrill. Universal president of worldwide marketing Josh Goldstine discussed the moviegoing experience on Day 2 of TheGrill. Steven Amato, CEO & chief content officer of Contend and Sharon Waxman, founder & CEO of TheWrap spoke onstage during the "Drones and Hollywood" panel at TheWrap's 6th Annual TheGrill. Co-founder and chief executive of Movio Will Palmer held a discussion regarding "What Women Want: Unlocking Box Office Revenue" at TheWrap's 6th Annual TheGrill. Joseph Atkinson, U.S. Advisory Leader for the Entertainment, Media & Communications Practice at PwC, spoke onstage at TheWrap's 6th Annual TheGrill. Twitter and Uber investor Chris Sacca talks investing in the tech space during Day 2 of TheGrill Evolution Media Group founder and co-managing partner Rick Hess talks about financing media during Day 2 of TheGrill Former MTV president Van Toffler talks about his new company during Day 2 of TheGrill Lloyd Braun, Founder & CEO of Whalerock Industries during Day 2 of TheGrill Mark Terbeek, Partner at Greycroft, Jesse Jacobs, President of The Chernin Group and Brian Weinstein, Head of Corporate Finance Group of CAA during Day 2 of TheGrill Steven Haft, SVP Innovation of Time Inc., Sanjay Sharma, President & COO of All Def Digital, Christian Meinberger, SVP Content Programming & Production at Studio 71, and Tobias Bauckhage, CEO and co-founder of Moviepilot during Day 2 of TheGrill Steven Haft, SVP Innovation of Time Inc. and Adam Smith, Partner at United Entertainment Group during Day 2 of TheGrill Entertainment, media and technology converge at TheWrap’s sixth annual Grill Conference at the Montage Beverly Hills
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