The rapidly declining share price of Twitter has swooped lower than its IPO price of $26 – a new nadir for the troubled social network.
Twitter shares have fallen by more than six per cent in early afternoon trading, sending stock as low as $25.94 per share, and tumbling past the marker which signals the company is worth less than when it first went public in 2013.
The NYSE-listed shares had already taken another hammering yesterday after a brief respite, falling almost four per cent in intraday trading on Wednesday and closing down around 2.5 per cent to $27.61.
Shares had previously touched an all-time low of $27.04 on 7 August and taken the company within cents of its $26 IPO price. Twitter's interim chief executive Jack Dorsey briefly caused shares in the struggling social network to soar after buying $875,000 worth of shares on 10 August.
Finance chief Anthony Noto had been the only senior executive to buy stock in the company this year before Dorsey's buying spree.
Twitter is still on the hunt for – but struggling to find – a new chief executive to replace Dick Costolo who departed in early July.
While Dorsey's stock buying may have briefly buoyed investor confidence, Twitter has lost half its value since April as they flew the nest, including co-founder Ev Williams. It emerged earlier this week several top Ivy League universities have been selling off their positions in Twitter over recent months.
Twitter isn't the only technology company suffering today, as US stocks across the board experienced a rout amid global worries over economic growth.
The tech-heavy Nasdaq has fallen more than two per cent and its heaviest-weighted member Apple has suffered sharp declines of more than two per cent in Thursday trading.
Facebook has fallen more than four per cent, LinkedIn and Yahoo more than three per cent while Netflix tumbled more than seven per cent, losing around $4bn from its market value.