Twitter Sale To Wrap Up October 27: Shares Continue To Drop, Apple, Disney, and Google-Alphabet Expressed No Interest
The Twitter sale is about to be finalized by October 27; however, there are many issues that still surround it. First, there are no specific companies who have expressed interest in acquiring the company, and there are internal issues that worry investors. Twitter shares have plummeted, and this is expected to get worse as the situation gets even more muddled.
Twitter was once one of the most sought-after tech companies, but over the past few years, it has suffered from zero user growth. Additionally, upon the company's announcement of its sale, tech giants Apple, Disney, and Google parent company Alphabet expressed no interest.
With that said, Twitter shares have dropped 20% since then.
Salesforce remains to be a potential buyer, however, the company isn't a suitable candidate because it doesn't have the means and the finances to do such move. At the same time, Wall Street Journal reports that the potential buying company has been suffering a decline as well.
Analysts also think that if Salesforce acquires Twitter, then the future of the social media platform will be uncertain. They might not be able to help the improvement of its consuming-facing elements.
It has also been reported that Salesforce is currently facing $20B in debt.
The Twitter sale is also causing a lot of internal rift within the company. According to a report by Engadget, there seems to be some conflict whether who should take the leadership position in their sale.
Former CEO Jack Dorsey is said to be the main cause of friction, as he is firm on not selling the company. The now de facto head, CFO Anthony Noto, has been criticizing Dorsey's leadership style, and it is said that Noto has fully taken over Dorsey's duties.
As of late, Twitter stocks remain to drop, and there is still no clear updates regarding the acquisition.