Companies

Twitter missed out on tech peers’ rally during Dorsey era

Bloomberg | | Updated on: Nov 30, 2021
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A 75 per cent gain for the social-media platform during Dorsey’s tenure lags far behind the more than 280 per cent rally for the Nasdaq 100

Jack Dorsey’s era running Twitter Inc. spanned one of the biggest rallies for US technology stocks. Twitter missed out on most of it.

A 75 per cent gain for the social-media platform during Dorsey’s tenure as chief executive officer lags far behind the more than 280 per cent rally for the Nasdaq 100 and the almost 140 per cent gain in the S&P 500 as of Friday’s close.

During Dorsey’s six-year tenure, other megatech stocks have posted triple-digit gains: Apple Inc. has surged over 450 per cent and Amazon.com Inc. rallied more than 580 per cent, while Alphabet Inc. climbed about 345 per cent and Microsoft Corp. skyrocketed about 640 per cent.

Shares react

Twitter shares fluctuated between gains and losses Monday and closed 2.7 per cent lower after the company said Dorsey was leaving his role, ceding the position to Parag Agrawal. It had surged as much as 11 per cent earlier in the day before a trading halt amid reports that Dorsey was stepping down as CEO.

Dorsey, 45, is also the head of payments company Square Inc. and has been taking an increasing interest in cryptocurrencies recently. Square’s stock market performance has been far better than Twitter, with the shares jumping more than 2,000 per cent since its initial public offering in 2015.

Published on November 30, 2021

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