Twitter Stock Falls Hard After Google Reportedly Drops Bid

Twitter's stock price plunged roughly 18 percent in after-hours trading Wednesday night and Thursday morning after a report that Google does not plan to make a bid for the stagnating social network. The stock closed at $24.87 but dipped way down to $20 shortly before the opening bell on Thursday. The fall began sometime in the 7 o'clock hour -- immediately after Recode published a story on the bidding process.

"While the search giant has been among the buyers considered most likely to be a contender for the social communications company, those familiar with the deal said that the company was not moving forward with an effort to buy it at this time," the report said.

Recode also cited sources that could put to rest speculation that both Apple and Disney were among possible bidders at this time. That leaves Salesforce.com as the only high profile potential acquirer of the company. Salesforce CEO Marc Benioff considers Twitter an "unpolished jewel" and wants access to the company's trove of data, according to The Wall Street Journal.

Twitter has reportedly told potential buyers that it wants to wrap the bidding process by the time its Q3 earnings reports arrives on Oct. 27.

Twitter did not immediately respond to a request for comment on the report. Here’s how Twitter’s stock looked after the closing bell Wednesday (after-hours activity is shaded):

Google

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