China’s Weibo overtakes Twitter in market cap

Chinese social media giant Sina Weibo overtook its US counterpart Twitter in market capitalization for the first time ever during trading on Monday.

Nasdaq-listed Sina Weibo saw its market value rise to about $11.32 billion at one point during trading on Monday, while that for Twitter, which is listed on the New York Stock Exchange, stood at about $11.22 billion at the same time. It is the first time the Chinese microblog service has outperformed its US counterpart in market cap.

Sina Weibo’s share price closed at $52.91 per share while that for Twitter stood at $16.73, with the former lagging behind the latter by about $600 million at market close.

Financial reports for the second quarter of this year showed that Twitter raked in about $602 million in Q2, more than quadruple that of Sina Weibo. (Photo 5)

5