Twitter shares rise after reports of takeover bids

Social media microblogging site Twitter is set to be the subject of a takeover bid from Salesforce.com, according to reports from the Wall Street Journal, as shares in the company surged on Friday.

Twitter shares climbed rapidly in pre-market trading as the news surfaced and were up by 19.91% to $22.34 as of 1454 BST. The shares had been down over 30% in the past year as competition increased in a saturated social media arena.

According to the reports, several companies are interested in a potential sale of Twitter, including Salesforce and Google.

The sources said no deal is imminent, but a formal bid might be announced soon.

Since its flotation in 2013, Twitter has struggled with user growth numbers and decreasing revenue.

Several Twitter board members are said to have discussed cost-cutting measures and potential sales at a recent meeting.