Twitter stock plunged 19% on Thursday morning following reports that neither Google nor Disney will pursue a formal bid for the social network.
Sources cited by Recode’s Kara Swisher and Kurt Wagner say Google does not plan to make a bid and was not moving forward with any effort to do so. Apple making an acquisition offer was also “unlikely,” according to Recode.
Twitter has told potential acquirers that it wants to conclude selling negotiations by its third quarter earnings report on October 27, according to sources cited by Reuters. Google was one of the top names on the potential acquirer list, along with Salesforce and Disney.
Twitter stock rose early on Wednesday on a Wall Street Journal report that Salesforce CEO Marc Benioff considered the company to be an “unpolished jewel.” It closed up 5.74% on Wednesday, but took a nosedive in after-hours trading and Thursday morning on the reports that Google was out of the running.
Despite the talk of the acquisition, Twitter CEO Jack Dorsey has remained steadfast in his desire to keep it an independent company.
According to people familiar with the matter who spoke with Bloomberg’s Sarah Frier, Dorsey was opposed to selling Twitter as recently as September 8, when Twitter held a board meeting to discuss the company’s future.
According to the Bloomberg article, there isn’t a consensus within the company as to what should happen in the coming weeks and months. Dorsey wants Twitter to “remain on its current course and work to capitalize on recent product improvements and success in streaming live video,” according to Bloomberg.