Friday, 17 July 2015

Twitter confirms buyout story was hoax

Just a day after a report claiming that Twitter received a $31 billion buyout offer hit the headlines, the micro-blogging company has confirmed that the story is fake. Interestingly, the report led to the company's share price increasing by 8%, although it closed up only 2.6% after the dust settled.

If you aren't in the know, the report was published on a site named (its account has since been suspended), which looked like a Bloomberg website. This made the story look legit, at-least at the first glance. A Bloomberg spokesperson, however, later confirmed that the story was "fake and appeared on a bogus website."
Incidentally, all this happened just over a month after former Twitter CEO Dick Costolo decided to step down from his position amid mounting concerns over slow user growth.

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