NEW YORK (TheStreet) -- Twitter (TWTR) - Get Report needs to hire a full-time CEO and it needs to start charging for its customer relationship management services, LMM (LM) Chief Investment Officer Bill Miller said on CNBC's "Closing Bell" on Monday afternoon.
Twitter CEO Jack Dorsey splits his time between Twitter and online payment service Square.
"It is insane to have Jack Dorsey be a part-time CEO at a company with the issues that Twitter has. I mean if a part-time CEO makes sense then so does a part-time CFO, part-time chief technology officer," he argued.
Second, Twitter needs to pull a Netflix (NFLX) move by charging its customers more, he said. However, Netflix simply increased its monthly subscription price from $8 to $9, or depending on the subscription model to $10 earlier this year, while Twitter would need to go from charging nothing to charging something.
"It's a lot harder to go from free to $1 than from $9 to $10," noted CNBC's Michael Santoli.
Of course, Netflix lost a number of its subscribers when it increased its prices, Miller admitted. But even if Twitter lost 1/3 of its subscribers, it will still make $200 million if it charged users just $1, he claimed.
Companies are already using Twitter as a customer management tool, they just don't pay for it, Miller said.
This idea may sound nice in theory, but a number of Twitter's reported users could be duplicate accounts or fake, Breakingviews Global Editor and special guest on the show Rob Cox said.
"The idea that you could turn it into a subscription business is very difficult, but you can certainly find a way to charge big companies, consumer products companies, to use the thing in some enhanced way. But he's right, you need a full-time CEO to figure that one out," Cox said.
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