Twitter’s share price dropped more than five per cent in the US on Friday after a takeover offer was ruled out by Salesforce – whose shares jumped five per cent on the news.
The social media company’s shares were trading at close to $25 on 5 October after reports suggested a bidding process was about to begin, with the likes of Google owner Alphabet and Disney potentially joining Salesforce.com.
But Twitter’s share price has dropped more than 30 per cent since then, as the chances takeover offer diminished, and now sits at $16.88.
The latest movement came after Salesforce chief executive Marc Benioff told the FT yesterday: “In this case we’ve walked away. It wasn’t the right fit for us.”
Salesforce.com’s share price closed up more than five per cent at $74.27 in the US yesterday.
It was reported last month that Twitter’s chief executive Jack Dorsey is coming under pressure from the board to turn things around for the company within the next few quarters.