Twitter stock trading opened Tuesday at $14.60 per share, down by 2 percent from Monday's record low of $14.90. This price again takes the company to uncharted territory, just a day before Twitter's fourth-quarter earnings report. Market capitalization for Twitter is now at $9.3 billion.
Twitter’s stock has continued to hit record lows over the past few months. On Monday, the stock opened at $15.15 per share and closed at $14.90. That’s far from its starting price of $26 per share when Twitter opened on the New York Stock Exchange in November 2013. The current price is a 71 percent drop from its 52-week high of $53.49.
Twitter’s new low market cap makes it an even more attractive acquisition target. Silver Lake and News Corp. have both been rumored to be interested in purchasing Twitter. Google and Facebook, which have both made several billion-dollar acquisitions, could also be potential suitors.
Twitter's stock tumble began in April and has continued since co-founder Jack Dorsey returned to the company in June. After former CEO Dick Costolo announced his departure, Dorsey took on the CEO role on an interim basis and officially was named to the position in October. Investors issued concern regarding Dorsey's balancing his role at Twitter and remaining CEO of Square Inc.
Over the past seven months, Dorsey has executed several major product launches, most notably Moments, a human curation of live events. Early Tuesday morning, Twitter announced an initiative to combat abuse on the network. A Trust & Safety Council, which includes 40 founding members, will work to determine the best actions to fight abuse.
Under Dorsey, Twitter has also seen upheaval from employees. Four top executives left the company last month, and Twitter has hired a new chief marketing officer. Twitter’s board of directors is also looking to add two new members, Re/code reported.
Twitter reports fourth-quarter earnings Wednesday.