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Why Twitter Is Tanking This Week

TheMotleyFool

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Shares of Twitter (NYSE: TWTR) are down 9.4% from last Friday's close, according to data from S&P Global Market Intelligence, as the social media platform confronts a future without CEO Jack Dorsey at the helm.

While investors initially cheered the executive's departure as he announced his decision to focus more of his attention on his other business, Square (NYSE: SQ), the market recoiled when Dorsey named his chosen successor, Chief Technology Officer Parag Agrawal. Agrawal is a 10-year company veteran, but investors indicated they don't believe an engineer is the leader the platform needs; Twitter shares subsequently sold off and have yet to recover.