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Peter Thiel Says Twitter ‘Horribly Mismanaged’

Twitter Inc. is mismanaged, underperforming and there’s “probably a lot of pot-smoking going on there,” according to Peter Thiel, an early investor in Facebook Inc.

Replacing Chief Executive Officer Dick Costolo won’t change the culture, Thiel, a co-founder of PayPal Inc. and Palantir Technologies Inc., said on CNBC yesterday. Still, Twitter has potential and may succeed even though it’s dysfunctional, Thiel said.