Twitter shares close at a record low

Twitter shares just closed at a record low.

On Monday, shares of the social media company fell 5.6% to close at $29.25, the lowest since the company's public debut. Twitter's IPO priced shares at $26, and the stock closed its first day of trading at around $45 per share; Twitter's previous closing low was in May 2014, when shares closed at $30.50.

Monday's collapse continued a move that started during the company's earnings conference call last Tuesday night which severely disappointed investors.

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(Google Finance)

During that call, interim CEO Jack Dorsey's first since returning to the company he founded, Twitter management discussed its displeasure with the company's product innovation and said it didn't expect its user base to grow much for a "considerable" amount of time.

Dorsey is also the CEO of the mobile payments company Square, which is reportedly inching closer to an initial public offering.

Over the weekend, Business Insider's Alexei Oreskovic wrote that some view $30 per share as something like a magic number that could make the company attractive to potential acquirers.

But again, in the background of any news about Twitter one must keep in mind that the company does not have a permanent CEO — and is being led by someone who serves as the CEO of another company, one that appears to be getting ready to go public.

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