(TECH IN ASIA) — China’s Weibo, started in 2009 as a Twitter clone, is suddenly worth more than Twitter itself. Weibo’s market cap now stands at US$11.35 billion, while Twitter is at US$11.34 billion.
It’s a remarkably quick rise for the Chinese social network, which IPO’d in early 2014 at a valuation of US$3.4 billion. On that same day, Twitter was pegged at US$26.8 billion.
Twitter is in freefall as it fails to add new users. The service lost 5 million monthly active users in the past 12 months, with the current tally at 313 million. Weibo, in contrast, is still growing – now at 282 million. Weibo pulled in 70 million new active users in the past year.
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