"I thought that these two gentlemen [Costolo and Dorsey] embarrassed themselves, I mean they have no plan. They basically said 'everything is fine,'" Cramer said on "Squawk on the Street."
Last week Twitter CEO Dick Costolo announced that he would be stepping down July 1. Co-founder and Chairman Jack Dorsey will take over as interim chief executive until a permanent CEO can be found. Dorsey is also the CEO of mobile payment company Square.
"They so don't have it under control," Cramer said.
He said the whole situation reminds him of the dot-com bubble in 2000 when companies that were clearly facing difficulties were telling the public that everything was alright.
"The idea that there is no need to change is saying, 'We are arrogant ... we haven't screwed up at all, it's all about the product,'" he said.