twitter phone

Photo via Pexels (CC-BY)

Twitter just isn't as popular as it promised.
Twitter is being sued by one of its own shareholders after failing to meet its self-imposed target of 550 million active users.

Bloomberg reports that shareholder Doris Shenwick claims Twitter executives misled investors by promising unrealistic growth projections.

Back in 2014, the site was projecting regular growth to a point of 550 million users in the "intermediate" term, aiming to exceed a billion active users as a long term goal. However, Twitter has been struggling to attract new users for a while, dipping from 316 million last summer to 313 million active users today.

Shenwick wants to bring a class-action lawsuit with other shareholders who bought Twitter stock between February 6, 2015 and July 28, 2015. She filed the suit on Friday in federal court in San Francisco—a public vote of no-confidence in Twitter's public attempts to draw new users to the site.

H/T Bloomberg

Promoted Stories Powered by Sharethrough
twitter
Twitter finally decides to address harassment with content filters for everyone
Twitter debuted options to improve the content that appears in your notifications tab, finally giving everyone the ability to only see notifications from people they follow on the social network. Additionally, the "quality filter," now to be rolled out broadly, will filter replies and potentially limit harassment when turned on.
The Latest From Daily Dot Video
Group

Pure, uncut internet. Straight to your inbox.

Thanks for subscribing to our newsletter!