Twitter shares fell after Google and Walt Disney reportedly back out from the bidding process


Twitter Inc (NYSE:TWTR) shares plummeted 20.10 percent on Thursday following multiple reports that a sale process for the microblogging site may not attract as many bidders as investors had anticipated.

Walt Disney Co and Alphabet Inc’s Google would not bid for Twitter, according to technology-news site Recode. Experts long considered Google as the ideal buyer for the social networking site, and the absence of the search engine giant from the bidding process would be a blow to Twitter. (NYSE:CRM) is another potential suitor for the San Francisco, California-based company. Its CEO Mark Benioff openly expressed his interest in TWTR, but hasn’t revealed if Salesforce is planning for a bid.

Twitter made its IPO (initial public offering) in 2013 and its stock traded as high as $69 following the debut. However, the share price declined over time amid slow user growth, product delays and muddled business policies.

Shares of Twitter have decline about 24 percent over the past year. The 52-week range of the stock is $13.73-$31.87. The company’s market cap is $11.24 billion.