Social networking website Twitter is in talks with several technology and media companies to explore selling itself. According to the reports, Twitter Inc. is interested in selling itself because it is losing the money and unable to drive user growth.
The company is reportedly in talks with tech giants including Google and Salesforce. Verizon was also in rumors but it denied any talks yesterday. The formal bidding process may start in the next few days. The rumors were rife on social media (about the probable sale of Twitter) but after confirmation by some credible sources, they went mainstream.
The social media website, which also provides live video services, has 313 million monthly active users and the company is going in the loss. the market value of this company is around $16 billion. According to the analysts, people mostly use Facebook, Snapchat, and WhatsApp and that has led to a serious challenge of users growth for Twitter.
Twitter’s income increased rapidly under former Chief Executive Dick Costolo, but the users complained that the company is not offering any new feature or service. The complaints led to Costolo’s departure last year.
Yesterday’s confirmation (of the sale) was seen as a positive sign as the company’s shares rose more than 19 percent to $22.22, marking the largest one-day growth since their first day of trading in 2013.
The social media website has recently rolled out a lot of new features including the longer Tweet option, which allows the users to add the emojis, GIFs, and videos in their tweets even if their tweet has reached the limit of 140 characters.
Moreover, Connect tab was also launched recently. It is available on Twitter’s iOS and Android-based application and lets users get the suggestions on who to follow.