Skip to main content

Twitter shares soar on report of possible sale

The Twitter logo is displayed on a banner outside the New York Stock Exchange (NYSE) on November 7, 2013 in New York City. Photograph: (Getty)

AFP New York, NY, United States Sep 23, 2016, 02.40 PM (IST)
Shares of social media platform Twitter went up by more than 16 per cent on Friday after CNBC reported that the company was close to a sale deal with Alphabet/Google or Salesforce.

"Twitter's board of directors is said to be largely desirous of a deal, according to people close to the situation, but no sale is imminent," CNBC reported.

Twitter shares were up by 16.4 per cent to  $21.68 within five minutes of trading, still below their November 2013 IPO price of $26 a share.

Twitter has got a little above 300 million active users since 2015 and is reported to be finding it difficult to keep pace with other growing social networking smartphone apps.

Twitter's September results had shown the company weighing ways to cut costs, ramp up revenue or maximise shareholder value by selling itself.

(WION with inputs from AFP)
Show Comments
  • delete