Rumors flew Wednesday that media company News Corp. was interested in taking over Twitter, sending the San Francisco tech firm s stock up about 13 percent during the afternoon.
But Twitter s share s tumbled back down after a spokesman for News Corp. told multiple media outlets, including Recode, that the rumors were false.
Twitter s stock has been taking a beating, falling below its IPO price of $26 last year, even after the company s founder Jack Dorsey returned to lead the company. The tech firm has struggled to rake in ad dollars and laid off hundreds of employees, slashing about 8 percent of its workforce in 2015.
The company s stock closed up 4.13 percent on Wednesday at $17.38 per share. Other social media company, including Facebook and LinkedIn, saw their shares fall as global stocks took a hit.
Square, a mobile payment company that Dorsey also leads as CEO, fell below its $9 IPO price on Wednesday, but it closed slightly up at $9.49 per share.
Takeover rumors aren t new to Twitter. During the summer, speculation was also circulating that Google was interested in purchasing the company.
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