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This is even more challenging for public social media technologies (e.g., Facebook) that can be adopted by all competitors in a marketplace. Our study uses event study analysis to investigate the impact on firm value of adopting two social media technologies: Facebook and Twitter. We find increased value following the adoption of both Facebook and Twitter, but not all firms experienced an increase in value. Interestingly, it was the second wave of adopters (i.e., those that quickly followed the initial adopters) that benefited more than first movers or later adopters. 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