Following more executive changes, Twitter’s shares are down sharply today, sliding nearly 8 percent in morning trading. The company, which saw its share price soar following its IPO to more than $70 per share, is back under the $40 mark.
The slide comes on the heels of news that the social company has made Katie Jacobs Stanton its new global media boss, and made Gabriel Stricker its new chief communications officer. Twitter has a history of management changes. Investors could be skittish at the latest shifts.
Twitter is not the only technology company to retreat today, with Tesla and Netflix also taking firm whacks. Technology as an industry is down more than the larger market, which is having an off day.
Twitter will report its earnings on July 29. Investors expect the company to lose $0.01 per share on revenue of $282.44 million.