Market Insider

Twitter shares plunge below $20 on reports some tech giants are not planning a bid

Cramer on who will buy Twitter

Shares of Twitter traded sharply lower Thursday following a Recode report, citing sources, that three major companies would likely not purchase the social media company.

Google, which trades under holding company Alphabet, does not plan to make a bid for Twitter, according to sources close to the situation, Recode said. The news site also said Apple was unlikely to be a possible bidder, according to several sources. And after considering one, Disney is not going to make an offer, according to sources familiar with the company, Recode reported.

All of the parties mentioned would not comment to the news site.

With Google, Apple, and Disney out of the running, that leaves Salesforce as a potential bidder. But in an interview with CNBC, Salesforce CEO Marc Benioff said Twitter has "severe challenges," and he wished Twitter CEO Jack Dorsey well.

Shares of the cloud computing firm gained 4 percent on Thursday after falling 5.8 percent Wednesday.

Beyond Salesforce, there are still others taking a look at Twitter, sources told CNBC. There is no deadline for the Twitter bids and the timeline on the process has not changed, the sources said.

Twitter shares fell 20 percent to close at $19.87 a share, their worst day since Feb. 6, 2014. The last time the shares were below $20 a share was on Sept. 22. The stock traded more than 108 million shares, triple its 30-day average volume of about 34 million shares.

With Thursday's declines, shares were about 14 percent lower for the year so far.