Twitter shares tumble 13% after soaring to record $73.31 apiece
New York: Shares of microblogging site Twitter have reportedly fell 13 percent down from 73.31 dollars per share price on Thursday.
In more than a month since its public debut, Twitter's shares have been soaring more than tripling its 26 dollars-a-share offering.
However, its shares lost 13 percent of their value and tumbled to 63.75 dollars on Friday, after Benjamin Schachter, an analyst with Macquarie Group, downgraded the San Francisco tech company, New York Post reports.
Schachter wrote in a note to clients that nothing fundamentally has changed since their neutral initiation on Dec. 11, except that shares have risen 40 percent.
He had pointed out that Twitter's future is promising as it may see huge growth potential in online advertising but realizing that potential would take time as it needs to hire a large sales force to begin monetizing that potential.
The microblogging site made its public debut with 45.10 dollars per share price on its first day of trading under the New York Stock Exchange and briefly topped 50 dollars that day but it went down to a low of 38.80 dollars in the following weeks as analysts deemed it to be 'too expensive'.