Blogged down: Twitter’s value plummets faster than you can say Jack
The latest hack exposes the firm’s broader dysfunction, revealing it really can’t lower the bar any further
The most revealing thing about last week’s astonishing Twitter hack was that Wall Street barely raised an eyebrow.
In the space of a few disastrous hours, 130 accounts belonging to some of the world’s most powerful people, including Barack Obama, Joe Biden and Bill Gates, were hijacked, ostensibly to promote an attempt to steal cryptocurrency from gullible users. We should be thankful the hackers do not appear to have more sinister motives, because it is difficult to exaggerate the damage such a hack could have caused in the wrong hands: Twitter has caused enough stock market chaos and diplomatic crises for us to know that.
And yet, the day after the hack, shares fell by a measly 1%...