It’s a new week, a new month, and shares of Twitter are getting slammed.
On Monday, the stock was down another 4% to fall below $US30 per share, continuing a move that started during the company’s earnings conference call last Tuesday night that severely disappointed investors.
During that call, interim-CEO Jack Dorsey’s first since returning to the company he founded, Twitter management discussed its displeasure with the company’s product innovation and said that it didn’t expect its user base to grow much for a “considerable” amount of time.
Dorsey is also the CEO of mobile payments company Square, which is reportedly inching closer to an IPO.
Over the weekend, Business Insider’s Alexei Oreskovic wrote that some view $US30 per share as something like a magic number that could make the company attractive to potential acquirers.
But again, in the background of any news about Twitter one must keep in mind the fact that the company does not have a permanent CEO… and is being led by someone who serves as the CEO of another company — one that appears to be getting ready to go public.
Twitter shares were trading at around $US29.60 on Monday afternoon.