Twitter's top suitor walks away, shares fall
- Twitter shares dipped after the reports of a top suitor having walked away came out in the open
- Salesforce.Com has ruled out bidding for Twitter
- Twitter shares were down more than six percent to USD on the New York Stock Exchange
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Salesforce.Com has ruled out bidding for Twitter, with chief executive Marc Benioff quoted as telling the financial daily that "we've walked away" because it wasn't a proper fit. Twitter shares were down more than six percent to USD 16.68 in early afternoon trading on the New York Stock Exchange.Â
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The tumble came a week after Twitter shares went into a tailspin due to reports that the list of promising suitors was dwindling; with Disney, Apple and Google parent Alphabet not planning any merger moves. Salesforce was seen as the most likely remaining contender. Twitter was believed to still be interested in a merger, but the prospects of a match have seemingly grown dim.Â
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After falling to its lowest point ever earlier this year, Twitter shares were boosted recently on hopes the company will gain traction or a make a promising match with a suitor. Â Twitter, which celebrated its 10th anniversary this year, has yet to make a profit. Co-founder Jack Dorsey returned as chief executive last year but has yet to ignite growth, with the number of users stagnating at slightly more than 300 million for several quarters.Â
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The social messaging platform would be a big-ticket item, with its value based on the share price topping USD 11.77 billion today.
