Twitter Shares Fall While Dorsey Addresses Bots, Regulation

(Bloomberg) -- Twitter Inc. shares fell as much as 6.6% as Chief Executive Officer Jack Dorsey testified before the Senate Intelligence Committee in Washington, though it’s unclear why the stock is down so much. There could be overall concern about regulatory risks now that the testimonies have begun, or it’s possible the mention of labeling bot accounts could be seen as hurting user growth.

There might also be overall uncertainty about the future of Twitter, now that Dorsey has publicly said the company is fundamentally rethinking core parts of the business. Another possible reason for the share decline may also be because the company admitted it can’t tell the difference between humans and bots.

For more coverage of congressional hearings on social media, see the TOPLive blog.

To contact the reporters on this story: Selina Wang in San Francisco at swang533@bloomberg.net;Sarah Frier in San Francisco at sfrier1@bloomberg.net

To contact the editors responsible for this story: Anny Kuo at akuo1@bloomberg.net, Andrew Dunn

©2018 Bloomberg L.P.