Twitter Missed Out on Tech Peers' Rally During Jack Dorsey Era




 

(Bloomberg) -- Jack Dorsey's era running Twitter Inc. spanned one of the biggest rallies for U.S. technology stocks. Twitter missed out on most of it.

Most Read from Bloomberg

  • China Cash Flowed Through Congo Bank to Former President's Cronies

  • 'Pension Poachers' Are Targeting America's Elderly Veterans

  • Reliving the New York Subway Map Debate

A 75% gain for the social-media platform during Dorsey's tenure as chief executive officer lags far behind the more than 280% rally for the Nasdaq 100 and the almost 140% 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% and Amazon.com Inc. rallied more than 580%, while Alphabet Inc. climbed about 345% and Microsoft Corp. skyrocketed about 640%.

Twitter shares fluctuated between gains and losses and were 0.4% lower as of 12:05 p.m. on Monday after they resumed trading as the company said Dorsey was leaving his role, ceding the position to Parag Agrawal. It had surged as much as 11% 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 almost 23-fold since its initial public offering in 2015.

(Updates share price move and added details throughout.)

Most Read from Bloomberg Businessweek

  • Medical Debt Is Crushing Black Americans, and Hospitals Aren't Helping

  • Wildfires Are Getting Worse, and One Chemical Company Is Reaping the Benefits

©2021 Bloomberg L.P.

COMMENTS

More Related News

Gold Steady as Investors Weigh Policy Outlook Against Omicron
Gold Steady as Investors Weigh Policy Outlook Against Omicron

(Bloomberg) -- Gold steadied after its best week in two months as traders weigh the outlook for monetary policy against the threat posed by a fresh...

Omicron Reaches China
Omicron Reaches China's Political, Financial and Tech Hubs

(Bloomberg) -- Omicron has breached the political, financial and technology centers of China for the first time, putting pressure on the country's response...

Binance Ties Up With Bangkok Billionaire on Thai Crypto Exchange
Binance Ties Up With Bangkok Billionaire on Thai Crypto Exchange

(Bloomberg) -- Binance Holdings Ltd. reached an agreement with Thai billionaire Sarath Ratanavadi's Gulf Energy Development PCL to study a digital asset...

Unilever
Unilever's $68 Billion Bid for GSK Unit Marks Pivot to Health

(Bloomberg) -- Unilever Plc plans to sharpen its focus on health and hygiene and plans to sell off slow-growth brands as it weighs making a higher offer for ...

New York Set to Get Rain, Coast Flooding From Winter Storm
New York Set to Get Rain, Coast Flooding From Winter Storm

(Bloomberg) -- A fast-moving winter storm has knocked out power to thousands across the U.S. South, canceled and delayed flights, and will bring snow by the ...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy