Sina Weibo, a Chinese Twitter clone launched in 2009, is now worth more than the revolutionary social networking service that it was based on.
On Monday, Twitter’s market cap was $11.22 billion, while at the same time Sina Weibo was valued at $11.32 billion, Xinhua reports.
That’s a staggering switch from 2014, when Weibo IPO’d at $3.4 billion as Twitter was still flying high at $26.8 billion on the New York Stock Exchange, Tech in Asia points out.
For years now, following real-name registration, the crackdown on the “Big Vs” and the rise of WeChat, analysts have been predicting the death of Weibo. However, the social networking service has defied expectations and continued to grow its userbase and revenues. By the end of the second quarter of this year, Weibo boasted 282 million monthly active users, up 33% from the year before.
At the same time, the company has continued to be successful in selling ads and attracting brands, and has been one of many services to capitalize on the extremely popular movement of live-streaming in China. Just last week, Leonardo DiCaprio hopped on the Weibo bandwagon.
In contrast, nothing seems to be going right for Twitter. Its number of monthly active users is slipping, its stocks are sinking, and it can’t even get anyone to buy the company, causing stocks to plummet even further.
So, is this where Weibo could step in? Perhaps soon Twitter will share the same fate as Segway, which was bought by a Chinese Segway copycat company last year.