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Twitter closes lower as Dorsey's exit spurs hard look at road ahead
$Twitter (Delisted) (TWTR.US)$ jumped as high as 11% this morning but closed down 2.7% on a momentous day for the company - suggesting that investors see changing CEOs from founder Jack Dorsey may not be the panacea for the company that early action suggested.
Twitter started the year out relatively well, but is now down 13.1% in 2021, and during the past two months has diverged even more from Tech's high fliers over the past few years, not to mention not keeping up with the market:
Since Dorsey returned as Twitter's CEO six years ago, the stock is up 75% - paling in comparison to Microsoft's 640% gain, Alphabet's 345% rise, Amazon.com's 580% increase and Apple's 450% jump.
Now Parag Agrawal moves up from the chief technology officer job to CEO, and is mostly winning approval from analysts and onlookers.
Baird's Colin Sebastian says "Twitter is competing in a market where the 'winners’ are engineering-oriented companies that are nimble, take risks, and prioritize technology over marketing."
$Block (SQ.US)$ - the company where Dorsey is also CEO, and where he will presumably focus his attention (along with cryptocurrency) - looks to be "at the forefront of many trends in fintech" while Twitter has been "woefully behind many in social media," WSJ's Heard on the Street notes.
Truist says the choice of Agrawal shows the focus needs to stay on products and technology: "While Jack Dorsey has founded an iconic and unique company that's been near impossible to replicate from a product standpoint, user growth, engagement and the commercialization of the platform have proven much more difficult to nail." Products are key to the better monetization the company seeks, it says.
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hairless : Seems like a good choice for CEO. Twitter is a unique asset trading cheap @ less than 5.5x 2022e Revenue. Company is making good progress on its initiatives.
Dixonnn hairless : Yeah it’s down 20%since 2014 when every other stock had doubled/tripled or quadrupled
Abdul Dickson : Hmm. The stock was up 75% only because Trump was still on the platform but once removed sunk. Dems may not like to hear this but Trump made Twitter. Should be interesting to see if they extend the ban. Just saying.
Moo News Support : Stock was $15 before Trump, and then it ran up.... now that Trump is gone it semes to be heading back under $20.
EEEEgil Moo News Support : Imagine if the new CO unbanned Trump. Stock would go up 10 points instantly.
Aaron_Kelly EEEEgil : Trump should stay off
DanDiem Aaron_Kelly : Why, does he hurt your feelings?
Hearts Gainer : Collateral damage from Epstein?
Wall Street newbie : The 21st century ego maniacs seem to have ignited the era of brilliant professed stupid to higher levels of public disclosure and observation that do not serve well beyond the short 'sell date'. Censorship and political orientation as a corporate mantra is anathema to success. So long Leftist and likely communist belief Jack Dorsey.
GxAklulu : DWAC putting pressure on TWTR.