Twitter share price breaks a new record but not in a good way, falling to a new low of under $16 within an hour of the New York market opening
Just when you thought the Twitter share price couldn't fall any lower, it only goes and breaks the $16 mark.
After closing on the New York Stock Exchange yesterday at an all-time low of $16.69, Twitter's shares have continued to tumble today, dipping below $16 within an hour of the market opening.
Shortly after 3pm London time, the share price was $15.69, down around six per cent.
Yesterday, when the social media website was plagued by a series of outages in the UK and in other countries across Europe, was the first time the company's share price had gone below $17.
The technology giant's most recent share prices are a far cry from its IPO of $26 back in November 2013.
Analyst Louis Basenese of Wall Street Daily and Disruptive Tech Research yesterday told City PM that, if shares hit $15 – placing the company's market cap at about $10bn – Twitter could find itself a target for takeover.
"We're way more likely to see $15 than $20," remarked Basenese of Twitter's likely future share price prospects.