The Walt Disney Company has made it clear that it’s not interested in acquiring the social media platform Twitter right now. Disney executives recently told reporters they were no longer interested in acquiring Twitter mainly because of the many user harassment issues leveled against the social media company.
Executives at Disney said that they felt Twitter’s inability to effectively deal with harassment would be bad for Disney’s image. Until Twitter finds a way to efficiently handle its harassment issues, Disney will not be interested in purchasing the social media platform.
In addition to harassment issues, Disney executives didn’t like the fact that Twitter has had problems making money, especially in their more recent quarters. Twitter is currently around a $12 billion market value.
But it isn’t only Disney that has declined Twitter due to these issues. Marc Benioff, the CEO of Salesforce.com, has also told reporters that his company would not be interested in purchasing Twitter anytime soon. Many investors speculate that the harassment issues were a major reason why Mr. Benioff decided not to purchase Twitter.
Twitter has tried to help their users report insensitive tweets with new features, but they don’t seem to be doing the trick for many. The most highly publicized problem for Twitter came when the actress Leslie Jones left the social media platform for a few weeks. Jones felt that Twitter’s staff wasn’t doing enough to prevent racist tweets from spreading.
The Twitter stock has been on a wild ride recently due to all these takeover speculations. When rumors of a credible takeover began to circulate on Wall Street, Twitter’s stock rose from the $18-range up to a high of $24 in early October. Since many of these takeover speculations have been debunked recently, Twitter’s stock has now fallen back into the $16-range.