Shares of the microblogging site Twitter tumbled $9.56, or 13%, to $63.75, taking a dent out of the big gains that accumulated since the San Francisco company’s initial public offering in early November. The drop wiped away about $5.2 billion in Twitter’s market capitalization, or a little less than twice that of J.C.Penney Co. Twitter shares still are up 145% since last month’s initial public offering.
“The people who rode it up over the past few days all of a sudden got pretty nervous,” said Robert Pavlik, chief market strategist at Banyan Partners, an investment adviser in New York with $4.5 billion in assets under management. “People are always looking for a quick way to make a buck. Twitter was the bet, until it wasn’t and it ran out of steam.” Twitter’s Decline
