What happened, investors? Is it the beard?

Nearly 24 hours after announcing its CEO swap, which was somehow simultaneously alarming and inevitable, investors have reacted:

twitter stock   Google Search

That right there, friends, is a big fat “meh.”

After a nine percent or so spike — a small jump in the grand scheme of Twitter’s lifetime (remember what happened after its last earnings report?) — the social network’s stock closed flat today.

As a general rule, short-term reactions to big changes don’t reflect the greater future of companies like Twitter. At least, that’s unlikely. So, we should take the current stock price with a grain of salt. However, it’s still interesting to see that investors aren’t swooning over the return of Jack Dorsey just yet. Clearly investors are confused, and Dorsey — or whoever becomes Twitter’s permanent chief executive — has a lot to prove.