Twilio
Twilio disclosed that a social-engineering campaign stole employee credentials and enabled access to data associated with customer accounts.
-20.0% TWLO vs -3.8% SPY
This site shows how share prices moved after an incident became public. It does not prove that the incident caused the move. Company news, sector moves and the wider market can affect every result. Educational only — not investment advice.
Disclosure timing
When could the market react?
The baseline is the last adjusted close before the news was public. The reaction session is the first close afterward.
- 01Baseline sessionAug 5, 2022
Normalized to 100 for both TWLO and SPY.
- 02Public disclosureAug 7, 2022 · time unknown
Publication time is not documented; lower timing precision.
- 03First reaction closeAug 8, 2022
+1.8% company total return versus -0.1% for SPY; +2.0 pp market-relative return.
Disclosure time is unknown; the previous session close is used as baseline.
Time windows
Company vs SPY
Each row uses the last trading session on or before its target date. “Market-relative” is the company return minus the SPY return, in percentage points.
| Window | Endpoint | TWLO | SPY | Market-relative | Signal |
|---|---|---|---|---|---|
| First reaction | Aug 8, 2022 | +1.8% | -0.1% | +2.0 pp | Above SPY |
| +7 days | Aug 12, 2022 | +2.3% | +3.3% | -1.0 pp | Below SPY |
| +1 month | Sep 7, 2022 | -20.0% | -3.8% | -16.2 pp | Below SPY |
| +3 months | Nov 7, 2022 | -46.2% | -7.7% | -38.5 pp | Below SPY |
| +6 months | Feb 7, 2023 | -25.2% | +1.3% | -26.5 pp | Below SPY |
| +12 months | Aug 7, 2023 | -27.5% | +10.8% | -38.3 pp | Below SPY |
Compare with current catalog aggregates
| Window | This case | Catalog median | Catalog mean | n |
|---|---|---|---|---|
| First reaction | +2.0 pp | -0.8 pp | -1.5 pp | 30 |
| +7 days | -1.0 pp | -2.0 pp | -4.0 pp | 30 |
| +1 month | -16.2 pp | -6.6 pp | -6.8 pp | 30 |
| +3 months | -38.5 pp | -5.1 pp | -6.6 pp | 30 |
| +6 months | -26.5 pp | -5.6 pp | -7.5 pp | 30 |
| +12 months | -38.3 pp | -3.7 pp | -10.1 pp | 30 |
Normalized total return
TWLO compared with SPY
Baseline session = 100. Adjusted close reflects splits and reinvested distributions.
Twilio had -27.5% company total return versus +10.8% for SPY; -38.3 pp market-relative return. The chart shows normalized adjusted-close performance for up to 24 months.
View tabular chart fallback
| Date | TWLO | SPY |
|---|---|---|
| Aug 5, 2022 | 100.0 | 100.0 |
| Sep 6, 2022 | 77.7 | 94.5 |
| Oct 5, 2022 | 89.8 | 91.6 |
| Nov 3, 2022 | 77.0 | 90.1 |
| Dec 5, 2022 | 54.3 | 97.0 |
| Jan 5, 2023 | 59.1 | 92.6 |
| Feb 6, 2023 | 72.5 | 100.0 |
| Mar 8, 2023 | 84.9 | 97.3 |
| Apr 6, 2023 | 71.5 | 100.2 |
| May 8, 2023 | 64.6 | 101.1 |
| Jun 7, 2023 | 76.4 | 104.5 |
| Jul 10, 2023 | 74.9 | 108.1 |
| Aug 8, 2023 | 68.8 | 110.3 |
| Sep 7, 2023 | 78.7 | 109.3 |
| Oct 6, 2023 | 66.9 | 106.0 |
| Nov 6, 2023 | 62.7 | 107.5 |
| Dec 6, 2023 | 80.4 | 112.2 |
| Jan 8, 2024 | 86.7 | 117.5 |
| Feb 7, 2024 | 82.1 | 123.4 |
| Mar 8, 2024 | 72.8 | 126.7 |
| Apr 9, 2024 | 72.6 | 129.0 |
| May 8, 2024 | 69.0 | 128.5 |
| Jun 7, 2024 | 67.2 | 132.7 |
| Jul 10, 2024 | 66.0 | 139.9 |
| Aug 7, 2024 | 69.5 | 129.3 |
Price recovery
Recovered
Here, recovery only means that adjusted close reached the baseline again. It does not mean every effect of the incident ended.
- State
- Recovered
- Initial trough
- -4.3% on Aug 9, 2022
- Recovery close
- Aug 10, 2022
- Calendar days
- 3
- Observation cap
- 24 months after disclosure
Hypothetical $1,000
What would $1,000 have looked like?
Compare $1,000 in TWLO with $1,000 in SPY, bought and measured on the same dates.
Entry Aug 10, 2022 Exit Feb 10, 2023
Uses fractional shares and adjusted close. Leaves out taxes, fees and slippage. The holding period starts on the purchase date. This is a historical illustration, not an investment strategy.
Case note
Twilio said attackers used SMS phishing to obtain employee credentials, enter internal systems and access information associated with customer accounts. The company updated the same incident report as its investigation refined the affected population.
The first public post appeared on a Sunday. Friday August 5 is therefore the baseline and Monday August 8 is the reaction session, regardless of when the underlying compromise began.
Evidence
Sources and case review
We qualify each case before checking its price results. These links support the disclosure date, listing, incident and business impact.
- primary Aug 7, 2022Incident report: employee and customer account compromise Twilio Supports: Disclosure, Impact, Description
- primary Feb 27, 2023Twilio 2022 Form 10-K Twilio / U.S. SEC Supports: Listing, Impact
- Listing evidenceChecked Jul 20, 2026Twilio SEC issuer record U.S. Securities and Exchange Commission SEC issuer history confirms Twilio's NYSE listing under TWLO throughout the event period.
Why it is included. Twilio was directly compromised, the stolen employee credentials exposed data linked to downstream customer accounts, and the cross-customer effect met the systemic-reach threshold. Reviewed Jul 20, 2026.