Twitter Shares Plummet To All-Time Low

Twitter (Xetra: A1W6XZ - news) 's shares have lost over 10% of their value this week as efforts to replace its old boss, Dick Costolo, continues.

Mr Costolo's resignation announcement in early June came alongside a statement saying that Twitter's co-founder, Jack Dorsey, would replace him but that such a move would only be 'temporary'.

In the months preceding his departure, Mr Costolo had come under increasing investor scrutiny, with shares in the company falling by almost a third in the two months before he resigned.

Since then, the shares have fallen a further 21% as investors fret over the speed and quality of Costolo's replacement. In addition recent financial results have disappointed with growth rates in monthly active users slowing in the second quarter.

Twitter's inferiority to Facebook (NasdaqGS: FB - news) from a revenue generating perspective is plain for all to see, with Facebook generating 71% more revenue per active user than Twitter in the three months to June 30.

Twitter shares closed down 3.3% at $27.55 in New York last night, having at one stage fallen by 4% to hit a new record intra-day low, before finishing the session at a record closing low of $28.48 per share - just higher than its 2013 initial public offering price of $26.

Since its shares peaked in December 2013 nearly $30bn has been wiped off the value of the company.

Speculation over the identify or even potential candidates for its new boss have been varied, with even the rapper Snoop Dogg throwing his hat in the ring.

More recently it has been rumoured that Adam Bain, Head (Other OTC: HEDYY - news) of Revenue and Partnerships at Twitter, is an internal candidate for the position.

Whoever picks up the reins at Twitter, one thing is sure, there's a lot of work to do in order to reassure investors.