These four reasons are also why a Microsoft, Oracle, Verizon, Salesforce, SAP or Alphabet should be interested in acquiring Twitter, he added. However, it also makes the potential transaction very costly for the acquirer.
The problem is that Twitter has a massive amount of information, it just doesn't take advantage of it. It doesn't think about what it could do for targeted advertising.
"Everything comes at a price, and buying Twitter at these levels will crater earnings for at least several years while the business is fixed to bring in the kind of revenue I believe it can generate," Cramer said.
Ultimately, Cramer determined that it would be tough to get behind Twitter right now because it can only be recommended on a takeover basis. The fundamentals don't support its current valuation, though it is worth a great deal to some.
"If you own Twitter, understand it's in rarefied territory and I am thinking it's four, five points up, and three down down if nothing materializes," Cramer said.