Twitter shares hit a new all-time low on Monday, following the news that five of its top execs were leaving the company.
Twitter shares dropped as low as $16.55 in the opening minutes of trading.
CEO Jack Dorsey announced in a tweet on Sunday evening that product head Kevin Weil, engineering head Alex Roetter, and media head Katie Jacobs Stanton are all leaving the company, as was reported by Business Insider and other media outlets earlier on Sunday.
Dorsey, who said in his tweet that he wanted to “set the record straight” given what he described as “inaccurate press rumours,” did not mention Jason Toff, the head of Vine, among the departures, as had been mentioned in some press reports. But he noted that VP of Human Resources Brian “Skip” Schipper would also be leaving the company.
Twitter will also appoint two new board members soon, Business Insider has learned, one of whom will be a big media name.
The news follows a rough few months for Twitter, which, since making founder Jack Dorsey CEO, has seen its share price plummet to an all-time low last week before experiencing a rebound, apparently triggered by a false rumour about a tie-up with News Corp.
Twitter’s stock has been under pressure for months, as the company struggles to boost user growth. Its plummeting value has sparked constant speculation that Twitter could become an acquisition target.