Twitter’s stock has been declining sharply since reports broke late last week that some of the company’s most likely buyers won’t actually be putting in any bids. The company’s stock is down more than 30 percent since Wednesday, effectively nixing two months worth of gains.
Twitter’s stock had been rallying on the prospect of a sale of the company, reaching a high of $24.87 per share last Wednesday. Investors were encouraged by reports indicating that Google parent Alphabet, Disney and Salesforce were all getting ready to put in their bids.
However, the hope of a white knight was quickly shattered. First, Recode reported that Google isn’t going to put in a bid, followed by a report that Disney wasn’t going to do so either. That seemingly only left Salesforce as a potential acquirer.
But then, the New York Times reported that Salesforce shareholders were rebelling against any such move, with Fidelity Investments, which holds 14 percent of the company, leading the charge. This makes it increasingly unlikely that Salesforce CEO Marc Benioff will make a move.
Investors responded by sending the company’s stock down to $17.18 per share Monday.
All of this is bad news for investors looking to make a quick buck, but there’s one person at Twitter who actually couldn’t be happier: CEO Jack Dorsey reportedly had been pushing to keep Twitter independent — and from the looks of it, he’ll once more have his way.
Dorsey echoed that sentiment in a memo sent out to Twitter employees last week, ostensibly to mark the first anniversary of being named permanent CEO of the company. In it, Dorsey didn’t mention the sales process with a single word, but instead sent a defiant message of perseverance.
“This team has so much purpose, so much resilience, and so much heart. You’ve worked so hard to make Twitter matter. I know it hasn’t been easy,” Dorsey wrote in the memo, which was first reported by Bloomberg. Dorsey ended it with fighting words: “We can do this!”