Twitter shares tumble
NEW YORK: Twitter shares sank to an all-time low on Thursday before closing at their IPO price from 2013, as growth concerns intensified over the one-to-many messaging platform.
The shares sank as low as $25.92, falling for the first time below the $26 level of Twitter’s November 2013 IPO.
At the close, Twitter ended at $26 exactly, a drop of 5.8 per cent, amid a broad selloff in the overall US stock market.
Twitter stock vaulted to highs in late 2013 above $70 on euphoria over the IPO but it has been dogged by concerns on sluggish growth and a lack of profitability. Last month, Twitter said its user base grew to 316 million worldwide.