Google and Salesforce in discussion to buy Twitter
The San Francisco based Twitter has held talks with Google and Salesforce, an enterprise software company, on a potential arrangement to buy the social media pioneer. The company has been working for several weeks with Goldman Sachs to explore a sale of the group, who approached several global media companies to inspire an interest where hardly any interest was shown, valued on 23rd September 2016, at £12.32bn ($16bn).
At its initial public offering in 2014, investors hoped it would be the next giant social platform since Facebook, with both Facebook and Snapchat already has a higher valuation on the private market. Twitter is struggling to attract new users despite bringing back co-founder Jack Dorsey as CEO.
Twitter’s shares however, shot up 20 per cent to $22.82 after CNBC first reported that it was in early stage talks with Google and Salesforce. Before the report Twitter’s market capitalization was $13bn.
Twitter’s stock has tumbled since it hit an all-time high of $69 a share in January 2014, a few months later it went public at $26.