Twitter's shares fall as Disney, Google bow out of buyout race

Micro-blogging social media platform Twitter's shares fell more than 9% after Disney and Google said they were not in the bidding to buy out the company anymore, media reports said. 

Twitter's shares fell 9.21% to $22.58 in after-hours trading on Wednesday. The announcement from Disney came soon after Google announced it was not going to bid either. 

Search engine Google, which was deemed as the most logical buyer for Twitter, according to a Recode report had even hired a banker but now seems to have given up on the idea. According to Recode, smartphone-maker Apple is also unlikely to bid for the social media giant. 

A Wall Street Journal report said, Twitter is expecting to receive bids for a buyout this week. At the same time, venture investor and advisor Chris Sakka, said that he'd been "selling his Twitter stock and hoped that a buyout could turn things around for Twitter," the WSJ report said. 

"I hope for an acquisition," he told Bloomberg. 

As it stands now, the American cloud computing company, Salesforce is the only one in the running to buyout Twitter.