Ending months of speculation, Salesforce has stated that it does not plan to bid for struggling microblogging site Twitter.

Faced with a stalling user base, investor lawsuits, and growing competition, Twitter is reported to be exploring strategic options including a takeover. Initially, it was believed that several technology firms including Alphabet were interested in the social networking site. However, no concrete deal has come up yet.

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Despite its weak financial performance, Twitter continues to occupy a prime position in the social media segment. The company has also been dealing with various management related issues. Last month, Twitter asked its bankers to explore acquisition offers. It is believed that Disney and Alphabet had expressed their interest but finally decided not to go ahead with the deal.  This development left Salesforce as reportedly the sole bidder.

In an interview with Financial Times, Salesforce Chief Executive Officer Mark Benioff said that the company decided to walk away as Twitter is not the right fit for Salesforce. He counted culture and price of the company among the various reasons behind the unsuitability. Salesforce investors had reacted negatively to the news of the company's interest in Twitter.

The likely option left for Twitter are to seek a buyout from a private investor. It is highly likely that the investors may look to replace CEO Jack Dorsey who also occupies the same designation with Square as well.

Twitter's stock reacted negatively to the news. It had risen steeply amid speculations about the takeover. However, currently, the stock is plunging and has wiped out all the gains it made recently.