Twitter’s shares continue to tank, falling below $15 per share for the first time. In the past year, the company’s stock price has plummeted nearly 70%. As of Monday morning, Twitter (TWTR) has valued at just under $10 billion.
The beleagured company, which is currently led by co-founder Jack Dorsey, is still reeling from a number of departures of high-profile executives in charge of the company’s product, engineering, and media divisions. Twitter’s shares jumped 8% last week, amid reports that venture capitalist Marc Andreessen and private equity investor Silver Lake considered acquiring part of the company. However, Coins2Day’s Don Reisinger reported that Silver Lake had no interest in acquiring any assets from Twitter.
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With more than 320 million users worldwide, Twitter has also seen its growth stagnate, which have made investor’s doubt the company’s future as a standalone company, and potentially drawn M&A attention. More recently, rumors have been swirling that Twitter could be an acquisition target, including that media conglomerate News Corp. Was potentially looking at the company.
Meanwhile, Dorsey and his company are facing user backlash over controversial product moves. Twitter is currently considering expanding the service’s character limit from 140 to 10,000 in an attempt to attract more users.
And over the weekend, users started circulating the hashtag #RIPTwitter, in response to a BuzzFeed report that the company is introducing an algorithmic, non-chronological timeline, similar to how Facebook structures its news feed. Dorsey attempted to calm users’ outrage, but didn’t actually deny the new timeline.