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Twitter Missed Out on Tech Peers’ Rally During Dorsey Era

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·1 min read
Twitter Missed Out on Tech Peers’ Rally During Dorsey Era
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(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.

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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 Monday and closed 2.7% lower after the company said Dorsey was leaving his role, ceding the position to Parag Agrawal. It had surged as much as 11% earlier in the day before a trading halt amid reports that Dorsey was stepping down as CEO.

Read: Elliott Says Agrawal, Taylor Are Right Leaders for Twitter

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 more than 2,000% since its initial public offering in 2015.

(Updates share price move in fourth paragraph.)

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