Our Toronto Mayor, Rob Ford, may just be the greatest political train wreck of our time – and the entire world seems to knows about it thanks to Twitter. Let me elaborate...months of denying allegations that he had smoked crack cocaine, Mayor Ford reversed course on Tuesday this week, admitting that he had taken the drug “about a year ago, probably during one of my drunken stupors”. The breathtaking announcement was followed by an emotional apology to Torontonians for embarrassing them and a promise not to light up again. His announcement was also followed by thousands of tweets, articles, posts, spoofs and international news headlines.

Now I’m not saying that what he did was ok. Not one bit. I lost respect for the guy a long time ago when he publically committed to losing 50lbs and then quit two seconds later. What I am saying is that the media has once again escalated the matter. Imagine this happened before the power of social media? Would it have had the same impact?

but it did happen...

Think back to 1990 - former mayor of Washington, DC – Marion Barry was filmed by the FBI smoking crack cocaine while in office and subsequently jailed for 6 months – and then elected again a few years later in 1995 with the following slogan “I’m not perfect, but I’m perfect for DC”.

Let’s hope Rob Ford doesn’t tweet a Toronto version of that slogan when he tries to run for re-election next year. I’ll bet you he does.

For the time being, us Torontonians are putting up with the jokes of late night comedians who have made Rob Ford the subject of endless cracks (pun intended) and thinking twice about twitter – now as an investment option.

Shares in the money losing social media network soared in their stock market debut this week on Thursday to value the San Francisco company at more than $25 billion (U.S.). Listing under the symbol TWTR, the stock opened at $43.10, 73% above a $26 IPO that had already been repriced higher, with demand outstripping supply by 30 to one and the 70 million shares of the offering snapped up by noon. The stock closed at $44.90 on the New York Stock Exchange with a colorful blue twitter logo banner displayed outside the New York Stock Exchange. Despite all the hype, there’s no shortage of skepticism about the debut, with many calling it a throwback to the hype of the dotcom bubble of 1999 and suggesting that the price creates risk for investors.

So, who knows if Twitter is going to follow through with the dotcom bubble of the 90s or if Rob Ford is going to get re-elected like Marion Barry in 1995. All we can really do is tweet about it. #ohwell.

Enjoy the weekend.

D.

Dian Chaaban

Investment & Wealth Advisor

Chaaban Wealth Management Group

416.842.4234