Twitter shares hit two-month lows yesterday following reports that tech giants including Google have abandoned plans for a potential takeover bid.
Shares fell by as much as 14.5 per cent to €16.97 share following a report by Bloomberg which claimed that potential suitors — including Google, Walt Disney and Salesforce — had lost interest in the social media site, and were now unlikely to make a bid. Shares had been at €21.87 last week.
Citing sources, Bloomberg also reported that Twitter had cancelled a board meeting with external advisers to discuss a potential sale on Friday.
The social media company is reportedly considering a takeover deal amid growing shareholder criticism over earnings momentum.
Poor performance prompted co-founder Jack Dorsey to return to the helm as chief executive in 2015.
