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Twitter stock hit a new low on Thursday, for the first time dropping below its $26 IPO price during intra-day trading.
Twitter wasn’t alone. The entire market took a big hit, but Twitter’s dip, which has been ongoing since a tough earnings call late last month, captured a lot of the headlines and attention. The symbolic crossing of the IPO price point is likely tough for investors to stomach. Everything Twitter has gained over the past two years as a public company is gone.
The stock slide simply reinforces what those following the company already know: Twitter needs to find a permanent CEO. Fast.
Twitter has been looking to replace Dick Costolo for more than two months now, and one of the most promising candidates for the job, interim CEO Jack Dorsey, might only be around part-time. Dorsey preached patience during Twitter’s Q2 earnings call, but it’s clear that Wall Street doesn’t have much left to give. Until there’s a new CEO, there’s not a lot to support the idea that Twitter can turn things around. Dorsey and co-founder Ev Williams, who both sit on the board, have historically been the company’s most powerful constituents, but Wall Street is weighing in and clearly needs change. For Twitter investors — at least the ones willing to hang around — that change needs to come soon.
This article originally appeared on Recode.net.
