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Twitter causes market flutter as bid speculation flies

Friday, September 23, 2016 7:30
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(Before It's News)

The market was all of a flutter as news swirled that social media titan Twitter Inc (NYSE:TWTR) was edging closer to being bought.

Shares were up over 18% in New York at the time of writing to US$22.01.

It has reportedly received expressions of interest from several suitors in the tech and media world, but nothing definitive has been agreed yet.

Possible suitors according to reports include the giant Google and cloud computing specialist Salesforce.com.

It’s not been a great year for the firm, which has seen shares fall almost 20% since January.

Earlier today shares fell after comes after broker RBC downgraded the stock to “underperform” from “market perform,” predicting a 25% in shares because of weak advertising revenue, but the latest news has sent sentiment on the shares quite the other way.

It’s not the first time Twitter has attracted such rumours. At the beginning of August, shares jumped after there were more rumours of the takeover ambitions.

Media reports cited two billionaires have made plain their interest in buying the social media micro-blogging site.

The San Francisco  based firm was formed in 2006 and quickly gained prominence as a way of communicating 140 character messages around the web.

In 2012, over 100mln users posted 340 million tweets a day over the year, and dealt with 1.6bn search requests per day.

When it floated in November 2013, shares opened at US$26 and closed at US$44.90, valuing the social network at an eye-watering US$31 billion.

Recently, a slowdown in growth has prompted the firm to investigate new methods of attracting more users, including that  it would allow for tweets longer than 140 characters.

In April, it signed a US$10mln  deal with the National Football League to stream games globally through the service.

Story by ProactiveInvestors

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