Twitter Stock Plunges as Bidders Back Away from Deadline

Twitter stock fell steeply yesterday as rumored potential bidders flew, with little interested shown as its self-imposed October 27th deadline looms…

Shares of social media microblog Twitter plummeted sharply yesterday, falling 19 percent after published news reports revealed Google, Apple, and Disney would not pursue a purchase.

Twitter stock recently soared on takeover speculation but Marc Benioff, CEO of Salesforce.com, considered another likely buyer, downplayed his interest. “We look at everything and we don’t buy most things, and we haven’t agreed to buy that company,” Benioff explained Wednesday, emphasizing that Salesforce.com follows a “disciplined M&A process.”

Twitter Stock Falls Deeply as Suitors Shy Away from October Deadline

Wall Street analysts appear to agree a buyout is not likely soon. Twitter reportedly stated it would prefer to finish talks with potential buyers before or by the time the company releases its third-quarter earnings on October 27th.

Last year, founder Jack Dorsey returned to the helm after an extended absence to right the ship, stopping its sinking fortunes. However, flat user growth and revenue alike remain, causing the company to reach out to potential buyers.

CFRA Research analyst Scott Kessler is skeptical the struggling social media platform can expect a substantial premium because of its growth and other challenges a buyer would inherit. The sentiment is a familiar one as earlier this week, one of the largest Twitter investors, Chris Sacca, said he’s been selling his stock and wants another company to acquire the social site.

Late last month, Twitter introduced a new tweet character count policy, no longer counting images, videos, GIFs, polls, Quote Tweets, as well as @mentions. The company also announced it would join the Google-backed First Draft Coalition to combat fake news.

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