China’s Weibo is worth more than US rival Twitter, after a rallying share price drove its market capitalisation to $11.3bn, surpassing the US messaging platform’s $11.1bn.
Twitter’s share price dropped late last week after the company missed revenue forecasts and failed to deliver on hopes of a “Trump bump”. By contrast, shares in Weibo, part-owned by Alibaba, have been climbing on the back of a rising number of subscribers and its growing ability to wring more cash out of them.
Weibo came close to eclipsing Twitter when the latter’s shares tumbled in October when it transpired that rumoured suitors, including Walt Disney and Salesforce, had failed to materialise. This is the first time Weibo’s market capitalisation has risen past Twitter’s on a close-of-day basis, according to Bloomberg data.