Twitter share tumbles after the company’s founder and Chief Executive Officer, Jack Dorsey, resigned from the position on Monday – a move that shocked the capital market.
The social networking site’s stock value depreciated by 2.66 percent, as sentiments in the capital market turned negative on the New York Stock Exchange (NYSE) where Twitter is listed.
Twitter’s stock opened trading at $51.88 per share on Monday, but closed below at $45.78 per share – against last week Friday’s $47.07 – nearing its 52 weeks lowest price of $44.40, analysis of the equity trade revealed.
This impacted the total market value of Twitter, which dwindled to $36.61 billion on Monday evening, declining from $37.63 billion it closed trading with last week Friday.
Ripples Nigeria had reported that Dorsey stated his decision to resign was made from the believe that Twitter was ready to survive without leadership from its founders.
“I have decided to leave Twitter because I believe the company is ready to move on from its founders.” Dorsey wrote. He was replaced by the tech firm’s former Chief Technology Officer, Parag Agrawal.
Dorsey, who held the position for 16 years, led Twitter, which he founded in 2006, to $1.284 billion revenue in Q3 2021 and 211 million monetizable daily active users (mDAUs) before stepping down.