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Twitter’s CEO rules out acquisition rumours

Twitter’s CEO Jack Dorsey said on Tuesday that he saw value in the social media firm continuing to be an independent company, downplaying recent speculation by analysts that it could be acquired, according to a report in Reuters.

“I’ve always thought that there’s a lot of strength to our independence. We can work on every device. We can work through any medium,” Dorsey said in a response to a question at the Goldman Sachs Technology and Internet Conference.

Earlier last week, few investment analysts brought up the discussion of a potential Twitter deal when the social media network reported a surprising rise in revenue and its first quarterly profit.

According to Reuters, the Walt Disney Co expressed interest in 2016, though at the time Twitter shares were trading at about half the current price, meaning an acquisition by anyone would be much more expensive than two years ago.

Shares in Twitter closed at $33.44 on Tuesday, up 8 percent against a 0.3 percent rise in the S&P 500 Index. Dorsey’s comments came after the closing bell, and shares were unchanged afterward.

 

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