NEW YORK (CelebrityAccess) Facebook isn’t the only social media platform seeing a financial nosedive: Twitter stock opened today with a 16 percent plunge as it announced its monthly users for the second quarter has dwindled.
Twitter claims 335 million active users for the quarter, a decrease of more than 3 million in the quarter. The company blames the drop on the removal of fake and spammy accounts. It said the removal may drag down its metrics but is important to improving the quality of the conversation on the platform.
“We will continue to work hard to improve the health of the platform, providing updates on our progress at least quarterly, and prioritizing health efforts regardless of the near-term impact on metrics, as we believe the best driver of long-term growth of Twitter as a daily utility is a healthy conversation,” Twitter said in its letter to shareholders.
The so-called plunge, from $42.94 yesterday afternoon to $34.85 at press time, is still mild in comparison to Facebook’s plummet yesterday, with a final cost to the company somewhere in the $100 billion ballpark.