Davos WEF
Davos WEF

Dataminr CEO: Social media only in 2nd inning

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Mining real time big data: CEO

Despite its problems, Twitter is one of the "most significant companies of the century," said Ted Bailey, chief executive of real-time information discovery firm Dataminr, whose business relies on the proliferation of social media.

"You have a company that's revolutionized real-time communication, something that's connected the world and created a new sensor network out there, experiencing everything, the eyes and ears of the world," Bailey told CNBC's "Squawk Box" on Friday from the World Economic Forum in Davos, Switzerland.

"I think social media is only in the second inning," he said. "I may be biased, but I think essentially we're just in the beginning of the revolution that social media is bringing about."

Despite Bailey's confidence, Twitter has been struggling. The stock, as of Thursday's close, was down 23 percent year to date and off 54 percent in the past 12 months.

Investors have been questioning Twitter's business model at time when Facebook has been surging. Twitter co-founder Jack Dorsey recently returned as chief executive to try to turn things around. Dorsey is also CEO of payments startup Square.

Dataminr, chosen as No. 13 on the 2014 CNBC Disruptor 50 list, transforms real-time data from Twitter and other public sources into actionable alerts for clients in finance, news, and corporate security, among other industries.

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