Twitter slides on reported lack of interest in its sale

Social media company Twitter fell more than 13% in Monday's premarket trading as it emerged at the weekend that high-profile parties were not interested in tabling bids.

Bloomberg reported on Saturday that Salesforce.com, Alphabet, and Walt Disney, who were all rumoured to have been interested in purchasing Twitter, had ruled out making a move.

Twitter's stock, which closed at $19.85 on Friday, fell to $17.28 in pre-market trading on Monday.

At its peak in December 2013, Twitter had a market capitalisation of $53bn, which has now been reduced to $12.23bn.

The board of the company is said to be undecided about proceeding with a sale, with some of its top executives favouring it, and others against the idea.

Twitter has been badly hit by a major slowdown in user growth in the face of tough competition from the likes of Facebook, Instagram and Snapchat.