Top Stories
Top Stories
Social Media

Twitter plunges 13% as suitors said to drop off

Twitter tumbles on uncertain future

Shares of Twitter stock cratered on Monday after a report that potential bidders were backing off.

Google, and Disney are all unlikely to bid to buy Twitter, Bloomberg reported over the weekend. The social media company canceled a board meeting to discuss a sale, unnamed sources told Bloomberg.

Jack Dorsey
Justin Tallis | AFP | Getty Images

Shares plunged as much as 14 percent on Monday and ended the session down 11 percent. The stock has shed more than 26 percent in the past week.

Twitter has been the subject of merger and acquisitions rumors for weeks, as the company ventured into new sports-streaming deals despite tepid growth.

But Recode reported last week that Disney, Google and Apple were all unlikely to enter the race to acquire Twitter. And Saleforce CEO Marc Benioff also quieted speculation, telling CNBC's Jim Cramer that Twitter had "severe problems" and that he wished Twitter CEO Jack Dorsey well.

Now, Twitter will refocus on its burgeoning live video strategy, according to Bloomberg. Still, it's not certain if the M&A chatter is over for Twitter.

Sources close to the situation told CNBC last week that beyond Disney, Google and Salesforce, multiple other parties were interested in Twitter, but it is unclear who they are. CNBC has reached out to Twitter for comment.

Despite the uncertainty, Twitter has made headlines as presidential candidates Hillary Clinton and Donald Trump have frequented the site.

Football season has also drawn eyeballs to the site, though the interest in the games seems to be down slightly amid election news, said sports agent Drew Rosenhaus. Intelligence company App Annie saw a 15 percent to 20 percent uptick in megabyte per user on Twitter following the Twitter's NFL live stream deal.

"The games on Twitter are awesome," Rosenhaus told "Squawk on the Street" on Monday. "Because you don't have to be in front of a television to keep up with the game."

— Reporting by CNBC's David Faber.

Disclosure: Jim Cramer's trust owns shares of Apple, Facebook and Alphabet. CNBC's parent NBCUniversal is an investor in Recode's parent Vox, and the companies have a content-sharing arrangement.