From Elon Musk’s Tesla to Reed Hastings’ Netflix, tech firms led by their founder have mostly beaten the broader market by a huge margin. Twitter has always been an outlier.
Monday’s news that Jack Dorsey is stepping down as chief executive officer of the social media company comes after the stock rose just 63 per cent during the co-founder’s six-year tenure. That’s a far cry from the multi-fold gains in peers such as Facebook-owner Meta Platforms or Amazon.com on the NYFANG+ Index.
After a souring run in stock markets, Twitter has now appointed Parag Agrawal, formerly the chief technology officer.
“Whilst his last tweet (before resignation) declared his love for the platform, Jack Dorsey hasn’t exactly been the faithful type,” said AJ Bell analyst Danni Hewson, pointing to his other CEO role at Square. “There were plenty of investors who wondered whether it would be better served by a new master. Today it has one and one that certainly knows the ropes.”
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