Prince Alwaleed, Steve Ballmer Rumored to be Mulling Twitter Buyout
Rumors this week of a buyout boosted Twitter’s share prices
Social microblogging site Twitter saw its share prices rise by around 8% Wednesday following rumors of a takeover by former Microsoft CEO Steve Ballmer and Saudi Prince Alwaleed bin Talal.
Mr. Ballmer announced in October 2015 that he had acquired a 4% in Twitter, while Prince Alwaleed 2X’d his stake in the company last year and now owns over 5% of the company.
Mr. Ballmer and Prince Alwaleed were reportedly planning to bid at a price of between 22 and 26/ share for the company.
Jack Dorsey took over from CEO Dick Costolo last year after Twitter began to stagnate and failed to continue its growth.
Speaking earlier this year following disappointing revenue growth in the 1st quarter, Dorsey said: “We’ve never had more focus as a company, as a development team. I want to make sure that Twitter is the place that you check first thing to start your day. It will tell you exactly what’s happening in the world. What’s most important. What matters. And that’s what we’re driving towards, what we’re focused.”
Founded in Y 2006, Twitter currently has a market cap of around $11.6-B.
|NYSE:TWTR||18.13||4 August 2016||0.52||17.57||18.31||17.36||33,080,000|
|HeffX-LTN Analysis for TWTR:||Overall||Short||Intermediate||Long|
|Bullish (0.32)||Neutral (0.23)||Bullish (0.42)||Bullish (0.31)|
By Aarti Nagraj
Paul Ebleing, Editor