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Twitter ‘moving closer to sale’

The Twitter logo is displayed on a banner outside the New York Stock Exchange (NYSE) in New York City. Picture: AFP

TWITTER shares have soared after it was reported that the company was moving close to a sale, with Alphabet/Google and Salesforce possible buyers.

Talk has been circulating for weeks that the popular messaging platform was opening its doors to potential buyers.

CNBC cited unnamed sources in the report, adding that it is still early in the process.

“Twitter’s board of directors is said to be largely desirous of a deal, according to people close to the situation, but no sale is imminent,” CNBC said.

Twitter’s user base has been somewhat stagnant. Picture: Supplied

Twitter’s user base has been somewhat stagnant. Picture: SuppliedSource:istock

Five minutes into US trading, Twitter shares were up 16.4 per cent at $US21.68, less than one-third of their peak in December 2013 and well below the November 2013 IPO price of $US26 a share.

After a very fast start-up Twitter has struggled to further build its user base — hovering just above 300 million active users since the beginning of 2015 — to keep pace with other faster-growing social networking smartphone apps.

In early September reports swirled that Twitter’s board was weighing ways to cut costs, ramp up revenue or possibly maximise shareholder value by selling itself.