Weibo, now boasting a market capitalisation of US$11.13-billion, shades its American rival by just under a billion dollars. Twitter’s cap is around US$10.57-billion at the time of writing.
Although this isn’t a huge blow to Twitter — after all, it’s blocked in China where Weibo is strongest — it does put into perspective just how far the company has fallen.
According to the Financial Times, it’s not the first indication that Twitter was about to be left in the dust by its Chinese contemporary. October 2016, when Twitter purchasing rumours were abound, came close to dropping the company’s share price below Weibo’s market cap.
Back then, Twitter was rumoured to be worth around US$16-billion.
The Chinese micro blogging service isn’t a massive entity in the west, but the company is listed on the Nasdaq Stock Exchange. It also boasts over 290-million monthly active users as of October 2016.
As for Twitter’s user growth, the company gained just two-million monthly active users in the quarter, pushing that number up to 319-million.
H/T: Financial Times