Twitter shares plummet 5.7 per cent to close at record low

 
James Nickerson
Follow James
Twitter executives disappointed investors during last week's earnings conference call (Source: Getty)

Shares in Twitter have closed at a record low after tanking 5.7 per cent to $29.27 amid concerns about the prospects for the social media platform's growth.

Since their peak in January 2014 when investors were excited about the potential for growth at the newly public social media company, Twitter shares have fallen 58 per cent.

Twitter shares have not traded below $30 a share since May 2014, and have since twice climbed to above $50 and fallen back down again on the same concerns of user growth.

This continues a move downwards from last week when chief executive Anthony Noto told investors not to expect any meaningful growth in Twitter's audience for a "considerable" amount of time.

Read more: Twitter share price plucked on user growth worries wiping billions from value

The company's executives spooked investors with comments that Twitter is in the middle of a long-term turnaround, during the company's earning announcement last week.

Twitter has tumbled more than 11 per cent since July 29, the day after the company warned that growth would be slow.

Read more: US markets fall, dragged by tech giants Apple, Facebook, Twitter share price sliding

Related articles