📺Jack Exits Twitter, Didi Delisting.
Didi Global has been asked by Chinese regulators to delist its shares from the NYSE. Jack, Twitter's Co-founder has exited his CEO Role.
Hey Hisa fan,
Some personal news came in late Monday evening. Jack Dorsey, the co-founder of the social media giant, said he was leaving Twitter. Not the App at least, Dorsey said he was leaving his position as Twitter Inc’s [NYSE: TWTR] CEO effective immediately.
Dorsey who has been serving as Twitter’s CEO for the last 15 years has seen it grow and believes the company is now ready to “move from its founders”. However, in 2020, Dorsey was almost ousted when stakeholder Elliott Management founder and billionaire investor Paul Singer sought to replace him. Paul called on Dorsey to step down, citing his involvement with Square [NYSE: SQ].
The company’s CTO Parag Agrawal will take over from Dorsey in what is seen as an aggressive challenge laid out to him. Twitter had mentioned earlier this year it was aiming at having 315 million monetizable daily active users by the end of 2023. The company was also seeking at doubling its annual revenue in that year.
Twitter shares opened trading with a rally, hitting $53.00 per share, leading to a halt of trading on this news. The company’s stock price however ended 2.74% lower at $45.78 per share.
Didi Global Inc. [NYSE: DIDI]
On Friday, the Cyberspace Administration of China (CAC) asked Didi to delist from U.S. markets over data security concerns. Didi which has in recent weeks been faced with challenging headwinds from Chinese regulators will now be looking at going private or listing in Hong Kong.
Didi went public and sold shares to U.S Investors, was accused by the CAC of collecting reams of data from its users, a concern which the CAC deemed as of “national security concern.”
This decision by the Chinese regulator has left many U.S.-listed Chinese tech companies wondering who might be next.
Currently, U.S. listed companies like Palantir Technologies Inc., Lockheed Martin Corp. and Boeing Co. collect and keep some of China’s most sensitive secrets without spilling information.
Our take: China takes secrets seriously, Didi was undergoing a review by the Cyberspace Administration of China before listing. They should have waited, this is now a concern that is likely to hit listed Chinese companies like Alibaba, JD.com, and even hamper listing plans for Chinese owned tech companies in the future.
The Good Stuff.
Tomorrow is 1st December 2021 and Hisa App is finally giving you an opportunity to trade on U.S Stocks.
Current users will have an opportunity to create an investor profile, deposit funds to their Hisa wallets, place orders, trade and finally get to become a shareholder of some of the world’s largest, most profitable companies.
If you haven’t joined Hisa, download Hisa now from the button below: 👇🏼
Here are companies set to release their earnings today.
