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Twitter shares surge over 20% intraday on Google, Salesforce buyout buzz

Shares of Twitter soared nearly 23 per cent intraday on Friday on the back of heavy volumes after media reports said that both Google and Salesforce are interested in buying the social networking giant that enables users to send and read short 140-character messages called ‘tweets’.

By: | New Delhi | Published: September 23, 2016 11:37 PM
Shares of Twitter soared nearly 23 per cent intraday on Friday on the back of heavy volumes after media reports said that both Google and Salesforce are interested in buying the social networking giant that enables users to send and read short 140-character messages called ‘tweets’. (Reuters) Shares of Twitter soared nearly 23 per cent intraday on Friday on the back of heavy volumes after media reports said that both Google and Salesforce are interested in buying the social networking giant that enables users to send and read short 140-character messages called ‘tweets’. (Reuters)

Shares of Twitter soared nearly 23 per cent intraday on Friday on the back of heavy volumes after media reports said that both Google and Salesforce are interested in buying the social networking giant that enables users to send and read short 140-character messages called ‘tweets’. In the past one year, shares Twitter have fallen over 25 per cent to $18.63 till September 22. During the period, it hit the 52-week high of $ 31.87 and 52-week low of $13.73. Twitter is having a market capitalisation of around $15 billion. Of late, Twitter has struggled with slow user growth and rising competition in the social media space from players like Facebook and Snapchat, according to reports.

Reacting on the news, shares of Salesforce were trading over 5 per cent down at $70.58 at the same time. Salesforce digital chief Vala Afshar in a tweet said, “Why @twitter? 1) Personal learning network 2) the best realtime, context rich news 3) democratize intelligence 4) great place to promote others.” Later, in another tweet he added, “I have tweeted my personal views regarding ‘Why Twitter?’ numerous times over the past couple of years. I simply love Twitter.” Salesforce.com is an American cloud computing company headquartered in San Francisco, California.
Shares of Google parent company Alphabet were also trading in red in the afternoon deals. The scrip was down by 0.15 per cent at $ 814.69.

On Wall Street, Dow Jones Industrial Average index was trading 0.45 per cent down at 18,309.21 in the afternoon trade, while Nasdaq Composite index was down 0.38 per cent at 5,319.16 at the same time.

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