Shares at Twitter have continued their downward spiral in Monday trading, ending at a new low of $29.25 after losing 5.6% of their value. The share price for the social network is now at its lowest point since its public debut.
Twitter opened its IPO at $26 and shares quickly skyrocketed to $45. However, the company failed to engage users with the same voracity of Facebook and in May 2014 shares hit a low of $30.50.
Twitter shares began sinking fast following Tuesday’s earnings conference call in which CEO Jack Dorsey said there is still a lot of fixes needed at Twitter. He also said it was take a “considerable amount of time” for the company to grow its user base and get them to engage for longer periods of time.
Jack Dorsey is still serving as the CEO of mobile payments company Square, which is moving in on its own IPO according to various reports. It is believed he will not be chosen as Twitter’s permanent CEO because of his other commitments.
Many analysts believe the $30 per share price makes Twitter primed for a takeover attempt by a larger firm.
Twitter has not offered any further information about a potential sale or a permanent CEO candidate at this time.