DHAKA: Twitter shares tumbled after a brokerage analyst warned the popular messaging network was overvalued following a meteoric rise since its initial public offering in November.

Twitter shares closed down 12.99 percent at US$63.79. But the stock has more than doubled from its offering price at US$26 on November 7.

Jon Ogg at 24/7 Wall Street said Friday’s decline followed a five percent gain on Thursday which put Twitter at a record high of US$73.31.

‘Twitter’s stock valuation has been difficult or impossible for Wall Street analysts to deal with,’ Ogg said in a blog post, The Straits Times publishes this report on Saturday.

BDST: 1705 HRS, DEC 28, 2013
Edited by Robab Rosan, Current Affairs Editor