Twitter missed out on tech peers’ stock rally in Dorsey era, but grew user base

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Jack Dorsey’s era running Twitter spanned one of the biggest rallies for US technology stocks. Twitter missed out on most of it.
A nearly 75% gain for the social-media platform during Dorsey’s tenure as CEO lags far behind the more than 280% rally for the Nasdaq 100 and the almost 140% gain in the S& as of Friday’s close. During Dorsey’s six-year tenure, other megatech stocks have posted triple-digit gains: Apple has surged over 450% and Amazon rallied more than 580%, while Alphabet climbed about 345% and Microsoft skyrocketed about 640%. Twitter shares surged 11% before a trading halt amid reports that Dorsey was stepping down as CEO.
Dorsey, 45, is also the head of payments company Square 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 IPO in 2015.
Dorsey will stay on the board of the San Francisco-based company until his term expires in 2022. Agrawal, who became CTO in 2017, is also joining the board, and director Bret Taylor was named independent chairman. “The company is ready to move on from its founders,” Dorsey said in the statement.

After co-founding Twitter in 2006, he stepped down as CEO in 2008, then returned to the job in 2015. He will continue running Square, according to a company spokesperson.
Dorsey’s departure marks the end of a complicated and eventful six-year run at the helm, which featured an attempted sale of the company, a business turnaround that saw Twitter reach profitability, and an effort by activist investors to boot Dorsey from his job.
While Twitter’s business has improved since Dorsey took over — Twitter’s user base, which was once shrinking, has been growing steadily for years — the company hasn’t delivered the same kind of returns as peers like Snap and Facebook owner Meta Platforms.



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