NEW YORK (TheStreet) -- Shares of Twitter (TWTR) are retreating, down 2.67% to $34.94 on heavy volume in midday trading Monday, after TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio explained on CNBC's Squawk on the Street segment this morning why the social media company's lack of a plan is a problem.
On Friday, CNBC's David Faber interviewed outgoing Twitter CEO Dick Costolo and Twitter co-founder Jack Dorsey, who will step in as interim CEO effective July 1.
After watching the interview, Cramer said he thought they sounded arrogant. Costolo and Dorsey wouldn't admit that they messed up and don't have the company under control, he added.
In TheStreet's video this morning, Cramer noted that he's appalled after Dorsey said he believes in the company's current strategy in the CNBC interview last week.
This morning, Prince Alwaleed bin Talal, a major investor in Twitter, said he would support chairman Jack Dorsey if he wanted to take the CEO job on a permanent basis, CNBC reports.
Earlier, the Financial Times reported that the prince was against the idea of Dorsey being the permanent CEO.
About 19.84 million shares of Twitter have exchanged hands as of 12:05 p.m. ET today, compared to its average trading volume of about 18.86 million shares a day.
San Francisco-based Twitter is a global platform for public self-expression and conversation in real time, where any user can create a tweet and any user can follow other users.
The company generates its advertising revenue primarily from the sale of its three promoted products which include promoted tweets, promoted accounts and promoted trends.