Twitter Inc. (NYSE:TWTR) shares plummeted more than 12 percent on Monday morning following reports that potential suitors—including Walt Disney Co., and Alphabet Inc.’s Google—are no longer interested in buying the microblogging site.
The San Francisco-based social network decided to explore a sale amid slow user growth and continuing losses. The company’s board last month hired Goldman Sachs and Allen & Co. to pursue a sale despite opposition from CEO Jack Dorsey. But, co-founder Ev Williams was in favour of a sale.
However, its potential buyers have cancelled their plan of making a bid as their shareholders are not supporting the deal.
Salesforce.com Inc is one of the bidders for Twitter. Its Chief Executive Mark Benioff openly expressed his interest in the company. Though, Salesforce’s investors told senior officials during a conference last week that they weren’t happy with the notion of buying Twitter.
Experts think that TWTR doesn’t seems to have a back-up plan in case it is not acquired.