The company lost nearly $16 per share today following the news, or around $8.7 billion dollars in market capitalization.
Let’s look at this another way. Facebook offered a deal worth $1 billion to buy Instagram once upon a time. But when that deal closed Facebook’s stock had lost value, and the little photo app was picked up for a mere $715 million.
So, Twitter lost 12.14 Instagrams in value today. Investors like growth, and Twitter didn’t have enough.