Business Technology

Sunday 15 September 2019

Google to take over Twitter? Social media firm's value jumps by $1.5bn on back of rumours

Twitter logo
Twitter logo

Paul O'Donoghue

Over $1.5bn (€1.4bn) was added to the value of social media company Twitter yesterday after reports that tech giant Google could launch a bid for the site.

Two companies have recently approached Twitter with “serious” interest according to a report from financial website, who identified Google as one of the two firms.

Shares in Twitter jumped by 4.8pc on the back of reports the US company had hired Goldman Sachs as an adviser to fend off approaches.

Twitter's stock ended at US$52.87 per share, up more than 45pc so far this year and near a 52-week high for the company.

Twitter has a market capitalisation of more than $34bn and almost 300m monthly active users.

Google, Goldman Sachs and Twitter have all declined to comment on the rumours.

Rumours that Google is interested in buying Twitter have circulated for years, and reports suggested that executives of both companies held talks in 2011.

Online Editors

Also in Business