Shark Tank investor Kevin O’Leary hopes that Tesla Inc (NASDAQ: TSLA) CEO Elon Musk will be successful in his attempt to take over Twitter (NYSE: TWTR) given the platform’s “failure” to create shareholder value over the years.
What Happened: O’Leary called Twitter a “miserable investment” and said it is the worst-performing social media company in a recent interview with CoinDesk.
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“It has done an abysmal job of creating value for shareholders, all the while multiple management teams rotating through issuing themselves options,” said O’Leary.
“I applaud Elon Musk to go in there, fire everybody, and reboot the company. That’s what’s needed.”
O’Leary also called Twitter’s decision to silence one voice and not another a bad strategy, adding that the company needs “adult supervision.”
See Also: Twitter Reconsidering Purchase Offer From Elon Musk As The Two Sides Meet: Report
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“The biggest risk that company has right now, including the management there, and the board and all the shareholders is that Elon Musk goes away. Then it goes right back to where it started. There’s a special place in hell for companies like that.”
What Else: O’Leary also reiterated his belief that Bitcoin (CRYPTO: BTC) mining can boost green energy adoption. He said he believes nuclear and hydropower would play a bigger role in the crypto mining-energy mix in the years to come.
Last week at the Benzinga Psychedelics Capital Conference, O’Leary told Benzinga founder and CEO Jason Raznick the market opportunity for legal psychedelics is in the hundreds of billions of dollars.
He has exposure to Mind Medicine (MindMed) Inc (NASDAQ: MNMD), Compass Pathways PLC (NASDAQ: CMPS), and ATAI Life Sciences NV (NASDAQ: ATAI) and predicts that these companies will have to eventually merge.
Read Next: Shark Tank Investor Kevin O'Leary Says He Has Dozens Of Cryptos, But Only Needs Two To Succeed
Photo courtesy: Ontario Chamber Of Commerce on Flickr