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Twitter is the 'worst stock you could own' in tech, says investor Calacanis

Twitter is the worst stock to own in the tech space, angel investor Jason Calacanis said Wednesday on CNBC.

Calacanis, a former Twitter booster, was harsh in his criticism of the social media company, saying that under CEO Jack Dorsey — who is also chief executive of Square — Twitter has seen slow growth and little innovation when it comes to new products.

He compared Twitter to several other social media networks, including Instagram — which has grown more than 50 percent — compared to Twitter, which has grown about 3 percent in the last fiscal year.

Calacanis also said the company is mismanaged, and the best solution would be to bring Evan Williams, co-founder and CEO of Medium, back in a key leadership role.

"I don't know what the board was thinking putting a half-time CEO in, but if your company cannot grow in a time of political upheaval, you have a reality TV president using it and is going completely rogue on the platform, then you will never grow,," he said.

Without President Donald Trump's Tweets, the company's growth would be down rather than flat, he said. The Trump bump effectively gives the stock a 5 percent premium, he said.

"The user cap may be propped up by Trump right now and everyone wanting to check in on his insanity at 5 a.m.," he said.

Calacanis compared Twitter to troubled Yahoo and said investors looking for a piece of social media growth should invest 70 cents on the dollar in Facebook and the remainder in Snap, though that company is overvalued, he said.

The comments came on the heels of similarly dire remarks from billionaire Chris Sacca, one of the earliest investors in Twitter, who said that he now hates the company's stock and that its continued issue with "bots" or automated accounts on the platform is "embarrassing."

Disclosure: CNBC parent NBCUniversal is an investor in Snap.