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Twitter plunges as buyout hopes fade

Twitter shares went into a tailspin Thursday as hopes faded for a buyout for the struggling social network.

This file photo taken on November 6, 2013 shows the Twitter logo displayed on a banner outside the New York Stock Exchange (NYSE) in New York. (AFP PHOTO / GETTY IMAGES NORTH AMERICA / Andrew Burton) / MB.COM.PH

This file photo taken on November 6, 2013 shows the Twitter logo displayed on a banner outside the New York Stock Exchange (NYSE) in New York.
(AFP PHOTO / GETTY IMAGES NORTH AMERICA / Andrew Burton) / MB.COM.PH

Shares in Twitter sank 20 percent to close at $19.87, giving back most of the gains from speculation in recent weeks of a buyout by a major tech or media group.

On Wednesday, technology news site Recode said Google parent Alphabet would not pursue a Twitter acquisition. Google had been seen by some observers as one of the more likely purchasers.

Neither Twitter nor Google responded to a request for comment.

Recode also reported that other potential suitors were also cooling — that Apple was unlikely to pursue a bid and that Disney had no plans to make an offer.