On a day when the rest of the market bled, Twitter shares enjoyed a rare rebound into the black because of speculation that News Corp. might take a stake or bid on the company.
Rupert Murdoch’s media giant denied that speculation, but not before Twitter shares jumped as much as 14 percent to $19.04. They retreated after the company quashed the rumor, but still managed to close up 4.1 pecent at $17.38 Tuesday. Twitter shares have had only one other day in the black so far this year, and have declined 27 percent in 2016.
News Corp. spokesman Jim Kennedy confirmed to TheWrap that the company has no stake nor a bid on Twitter.