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Business News

Silicon Valley boss strikes it rich for second time

A British-born chief executive has hit the Silicon Valley jackpot for the second time in his career after selling US social media analytics firm Topsy to Apple for a reported $200m (£122m).

Duncan Greatwood, chief executive of Topsy since 2011, previously founded email storage firm PostPath, which was acquired by Cisco for $220m in 2008.

Topsy, founded in 2006, specialises in finding "social insight" and has access to Twitter's so-called "fire hose" of internal data.

Meanwhile, JP Morgan surprised Wall Street by warning of an "unattractive valuation" on the social media giant and slapping an "underperform" rating on the shares with a target price of $36 – well below Twitter's present share price of $41.