Stock Market Plunge Puts Jack Dorsey Out of the Billionaire Club
Wednesday was not particularly too sunny for the Dow Jones Industrial Average, as it took a dip during the early trading. The index dropped close to 500 points by midday and that took also took the Twitter stocks down.
Jack Dorsey, the founder and chief of Twitter was demoted from the billionaire club on Wednesday to the mega-millionaire ranks.
However, the overall stock market did not look too bright in the day but some of the problems that Twitter is facing could be essentially structural.
Since Dorsey became Twitter's CEO, the stock has been down about forty percent. The other company Square, which is not doing up to the mark either and on Thursday, that prompted Forbes to drop Dorsey out of the billionaire's club.
Dorsey's net worth was valued by Forbes at $2.2 billion in September. However, that dropped to $1.4 billion following the IPO of Square, the online payment application which he heads. According to Forbes, Dorsey whose net worth is $944 million missed the billionaire rank and much of it is attributed to the ups and downs his tech companies are going through.