11:52 a.m. ET, September 5, 2018
Twitter shares fall 5%
From CNN's Matt Egan
Its stock is down about 5.4% as CEO Jack Dorsey was grilled by lawmakers about the company’s efforts to combat foreign influence in elections. The sell-off briefly made Twitter (
TWTR) the day's worst performer in the S&P 500.
Dorsey admitted that Twitter “hasn’t done enough” in the past to promote user transparency. However, he said the company has significantly accelerated efforts to challenge suspected bots.
Gene Munster, managing partner of Loup Ventures, explained in an email to CNNMoney that investors believe "Twitter is more at risk," because its fraud detection is "less sophisticated" than Facebook's.
Facebook (
FB) is down about 1%. Google owner Alphabet (
GOOG) is down about 2%.
The tech trouble has the Nasdaq down by 1.3%, putting the index on track for its worst day since July 30.