Twitter share price dips 13 per cent before the bell as bidders lose interest
Twitter's share price is down 13 per cent in pre-market trading today, following reports that previously interested parties had abandoned their bid plans.
Bloomberg reported over the weekend that Salesforce, Alphabet and Walt Disney had decided against proceeding with offers for Twitter – despite all three consulting with banks about potentially acquiring the microblogging site.
Twitter had planned to hold a board meeting with outside advisers on Friday to discuss a sale but cancelled, according to reports.
The firm's stock, which closed at $19.85 on Friday, fell to $17.28 in pre-market trading today, giving it a market value of $12.23bn (£9.87bn), compared with almost $53bn at its peak in December 2013.
The group's share price jumped last week when it was revealed that Google owner Alphabet and Disney were considering a deal, but takeover talk cooled towards the end of the week, pushing the stock value off a cliff. On Friday, shares were down 20 per cent before the market opened – and that's when Salesforce was still believed to be mulling a bid.