Twitter shares surge on takeover rumour

Twitter's share price jumped as much as 20 per cent Friday on media reports that Google and software company Salesforce were eyeing a takeover of the struggling social network.

The buying spree followed a report by US business broadcaster CNBC that the social media network was in talks with several potential buyers and could soon seek a formal offer.

No deal is imminent, according to the report, although Twitter's leadership is in principle inclined to sell. But a takeover by year's end appears possible as the pace of talks accelerates, CNBC reported, citing a person close to the negotiations.

Speculation about a possible sale has been brewing for months as investors have lost patience with Twitter's chronic losses and flagging user growth. The San Francisco-based company has lost more than half of its market value since spring of 2015.

Salesforce, which provides cloud software to companies, wanted to buy the career network LinkedIn this year, but lost out to Microsoft.

Last update: Fri, 23/09/2016 - 19:44
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