Embattled social media giant Twitter Inc (NYSE:TWTR) is very close to receiving a formal takeover offer, according to reports, and its stock is flying higher on the news.
Twitter shares surged $2.97 (+15.94%) to $21.60 in premarket trading Friday on the report. CNBC was first to break the story, citing sources familiar with the matter.
There’s no official word yet on a buyout price or acquirer, but potential suitors are said to include Google parent Alphabet and CRM giant Salesforce.com.
Twitter recently discussed the potential for a sale at its most recent board meeting. Leading the charge on the sale was reportedly CEO Jack Dorsey, who could be headed for the exits if things don’t turn around soon for the company.
TWTR has struggled as of late with slow user growth and increased competition in the social media space from established stalwarts like Facebook and upstarts like Snapchat. The company is hoping that new initiatives like live streaming of NFL games and expanding its famous 140-character tweet limit can help bring new users to the platform, and increase engagement amongst current ones.
We’ll be sure to update investors on this developing story as we get more details, but it appears the long-standing rumors of a Twitter buyout are finally coming to fruition.