Twitter stock is down more than 6% in midday trading on Thursday as Wall Street appears to have little faith that a closely-watched board meeting will result in the company getting sold.
Twitter’s board of directors is meeting today and the struggling social media service’s ongoing challenges reviving its stalled growth are sure to be at the top of the agenda. Previous media reports have suggested that the board would discuss whether a sale of the company might make sense, as well as the role of CEO Jack Dorsey, who is currently splitting his time as the CEO of Square.
According to CNBC though, Dorsey’s role will not be questioned during Thursday’s board meeting. CNBC also said that while a potential sale would be discussed, there are not currently any bids for the company on the table, and cost cuts will be a focus of today’s meeting,
That’s taken a lot of wind out of the stock, which has steadily climbed over the past several days on investor anticipation that a change was coming.
Twitter unveiled some new features for its direct messaging service on Thursday, but Wall Street is clearly more focused on a potential acquisition or change in management.