Twitter’s stock is continuing to trade below its IPO price. It crashed to as low as $US21.01 as the stock markets opened. That’s an eye-watering 18.7% plunge.
It isn’t the only tech stock that’s tanking. Apple has fallen below $US100 and the U.S. market in general is experiencing a wide-scale sell-off. Analysts have attributed the decline to things like China’s slowdown, uncertainty in Greece and Europe, and the prospect of higher interest rates some time soon.
Twitter, however, has a bunch of its own problems that are troubling investors. It still doesn’t have a permanent CEO in place of Dick Costolo, and its monthly active user growth has stalled.