UPDATE: 5:30 p.m. EST -- Twitter Inc. (NYSE:TWTR) shares fell another 5.28 percent Monday, closing at $14.89, its lowest point since its 2013 initial public offering.
Twitter has reached a new low. The company’s stock opened at $15.51 per share on Monday, down 4.3 percent from Friday's close, and sunk toward $15 per share in early trading.
Twitter Inc. (NYSE:TWTR) stock, which traded at $26 per share when it opened on the New York Stock Exchange in November 2013, has been trading at all-time lows recently. The stock hit a record low of $17.15 on Jan. 19 and has continued to fall. This grim trend tracks product shifts and executive shakeups at the struggling microblogging site.
The stock lows also follow reports of Twitter making a big change to the product that would fundamentally shift the real-time nature of the site. A BuzzFeed report on Friday said Twitter will radically alter the timeline with an algorithm that shows tweets based on popularity and not in chronological order. That news prompted #RIPTwitter to trend on its own network and led CEO Jack Dorsey to comment.
Twitter is live. Twitter is real-time. Twitter is about who & what you follow. And Twitter is here to stay! By becoming more Twitter-y.
— Jack (@jack) February 6, 2016
Twitter also may have experienced lows in terms social sharing for Super Bowl 50. While the company touted record numbers last year, Twitter’s blog post failed to show what this year’s numbers were.
Upheaval on the staff side is shaking Twitter as well. Four top executives left last month: the head of product, the head of engineering, the head of media and the human resources lead.
None of the vacancies has been filled permanently, as of yet. For engineering and product, Dorsey is taking a lead, as well as Chief Technology Officer Adam Messinger. Chief Operating Officer Adam Bain took on the other responsibilities.
Twitter did add a new member to the C-suite with the hiring of Leslie Berland as chief marketing officer last month. Twitter may also add new members to the board of directors as early as this week, Re/code reported Monday.
Twitter reports fourth-quarter earnings on Wednesday.