Shares in Twitter fell by 14 per cent recently as rumours emerged that all of its potential buyers had lost interest in purchasing the social media company. Google, Walt Disney and Silicon Valley tech firm Salesforce had all previously been working with investment banks on a potential acquisition of the company. However, Bloomberg reported that all of the firms had decided not to go ahead with a bid. Twitter has struggled to make profits despite having over 300 million users worldwide.
Bloomberg has noted that Twitter’s product team has already gone through at least five product heads in six years, and more strategic changes mean that more valuable employees are leaving. As Twitter’s user base is declining in the United States, advertisers are spending less because they cannot justify purchasing more adverts if the audience is not growing, consequently trapping the company in a vicious cycle. Previously, the company was reported to have aimed to conclude a sale before it reported its third-quarter results on 27th October.