Twitter stock is down some 40 percent since Jack Dorsey became CEO, and the other company he runs, Square, isn’t doing too well either, prompting Forbes to drub Dorsey out of the billionaire’s club on Thursday:
After the opening bell, Square shares dropped below $9.00 for the first time since the company started trading publicly in November, and the stock is down 35% since its IPO. Twitter, which hit its lowest price this year just after Wednesday’s opening bell, is down 57% in the past 12 months.
At the FORBES 400 in September, we pegged Dorsey’s net worth at $2.2 billion, thanks in large part to Square’s $6 billion dollar private valuation. His net worth dropped $800 million to just below $1.4 billion when the company went public in November at $11.20 a share. Now, with both companies struggling on the stock market, he’s fallen out of the three-comma club with a net worth of $944 million as of 10:30 a.m.
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