Twitter shares crater on news of the company's executive shake-up (TWTR)
REUTERS/Lucas Jackson
Twitter shares cratered on Monday, following the news that five of the company's top execs were leaving.
Twitter shares fell as low as $16.55 in the opening minutes of trading, dipping below its all-time-low closing price of $16.69. Shares are currently jumping between $16.75 and $16.95.
On Sunday evening, CEO Jack Dorsey announced in a tweet that product head Kevin Weil, engineering head Alex Roetter, and media head Katie Jacobs Stanton were all leaving the company, as was first reported by multiple media outlets earlier Sunday.
Dorsey, who said in his tweet that he wanted to "set the record straight" given what he described as "inaccurate press rumors," did not mention Jason Toff, the head of Vine, among the departures. However, Toff said on Twitter on Sunday night that he was leaving to work at Google. In his tweet, Dorsey did note that Brian "Skip" Schipper, the vice president of human resources, would also be leaving the company.
Twitter will also appoint two new board members soon, Business Insider has learned, and we're told one of them will be a big media name.
The news follows a rough few months for Twitter, which, since making founder Dorsey the company's CEO, has seen its share price plummet to an all-time low of $15.48 last week before experiencing a rebound, apparently triggered by a false rumor about a tie-up with News Corp.
REUTERS/Lucas Jackson
Twitter's stock has been under pressure for months, as the company struggles to boost user growth. Its plummeting value has sparked constant speculation that Twitter could become an acquisition target.
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