Twitter share price swoops lower and edges closer towards IPO price
Twitter shares have closed 3.27 per cent down at $27.55 after having fallen more than four per cent, touching a new record intraday low of $27.29 per share in Thursday trading, hot on the heels of record low close of $28.48 per share yesterday.
The social network's share price is edging ever closer towards its 2013 IPO price of $26 per share.
Twitter stock has plummeted more than 30 per cent since revealing muted user growth just over a week ago, despite a rise in earnings ahead of analysts expectation.
Finance chief Anthony Noto said there would be no sustained meaningful growth for some "considerable" time and the company is also in the midst of a search for a new chief executive to replace Dick Costolo.
Billions of dollars have been wiped from Twitter's value and its market cap has slipped below $20bn since the earnings, fueling speculation that it is ripe for takeover.
