Twitter to receive bids this week, report says

What's Going On

SAN FRANCISCO — Twitter will begin receiving acquisition bids this week, people familiar with the matter told the Wall Street Journal.

Among the likely bidders is CEOMarc Benioff considers Twitter an “unpolished jewel,” people told the newspaper.  Alphabet’s Google and Walt Disney may also bid for Twitter.

Twitter declined to comment.

Twitter’s steep price tag — $20 billion or more — could make a deal less likely.

Driving interest in Twitter: Data, and reams of it. That data could help Salesforce improve its software that businesses use to manage customer relationships. For Google, Twitter could unlock a trove of data that has been walled off with the rise of Facebook, Twitter and Snapchat.

Twitter founder Jack Dorsey returned to the helm last year to revive the social media company’s sagging fortunes. User growth and revenue have flattened, prompting Twitter to engage in talks with potential buyers.

Longtime investor Chris Sacca told Bloomberg TV on Tuesday that he’s disappointed in Dorsey and wants Twitter to sell itself. Sacca says he has sold much of his stake in Twitter.

“I’ve definitely sold some Twitter shares. I don’t own as many as I used to because I’m not an idiot, but I own more than I should because I’m an idiot,” Sacca said.

Twitter shares rose 4% in after-hours trading. They closed down 2% to $23.52 in regular trading Tuesday. Salesforce shares fell 1% in after-hours trading. They closed up 3% to $72.63 in regular trading.




Leave a Reply

Your email address will not be published. Required fields are marked *