Twitter’s big news didn’t do much for its stock

What happened, investors? Is it the beard?

Nearly 24 hours after announcing its CEO swap, which was somehow simultaneously alarming and inevitable, investors have reacted:

That right there, friends, is a big fat “meh.”

After a nine percent or so spike — a small jump in the grand scheme of Twitter’s lifetime (remember what happened after its last earnings report?) — the social network’s stock closed flat today.

As a general rule, short-term reactions to big changes don’t reflect the greater future of companies like Twitter. At least, that’s unlikely. So, we should take the current stock price with a grain of salt. However, it’s still interesting to see that investors aren’t swooning over the return of Jack Dorsey just yet. Clearly investors are confused, and Dorsey — or whoever becomes Twitter’s permanent chief executive — has a lot to prove.