Whatever holiday goodwill investors had toward Twitter last week is all but gone this morning.
Twitter’s shares have dropped as low as $58.91 today, marking an unsavory end to a week that saw the stock hit an all-time high of $74.73. The news caps off a rough pair of trading days for Twitter, which lost over $5 billion from its market capitalization on Friday alone.
That drop, like today’s, is the result of a few less-than-positive takes from investors as of late. While Twitter’s stock is priced at three times its $26 IPO price, many investors just don’t think Twitter — which is still unprofitable — has justified its valuation. And they’re punishing the company in turn.
Above: Merry Christmas, Twitter!
Still, for Twitter stalwarts, there’s a lot of reason to be optimistic. The last month of the year brought a number of promising initiatives from the company, including its own ad retargeting effort and plans to bring promoted accounts to the streams of mobile users. We’ll see which take proves to be the right one as Twitter moves into 2014.