TechCrunch is reporting that Twitter Inc., the largest social media platform in the world, is going to sell its stake and merge its stake with the rest of CVC group to create a new company called CVC Inc. TechCrunch reports that Twitter is going through an internal process to sell the remaining 30% of the company.
CVC will continue to operate the platform, which is currently owned by CVC Capital, the company behind Twitter.
Twitter is also said to be considering buying the other 50% in the new company.
Twitter Inc’s stock price fell from its highs earlier this week to $56.70 a share, making it the second-most expensive stock in the S&P 500 after Facebook.
The stock is down $2.70 per share since Wednesday.
Twitter CEO Jack Dorsey was at a conference in late April where he said that Twitter would be the only platform where people can send messages that can be shared by anyone.
The company’s business model has been under constant criticism over the past few years, with critics calling it too expensive for users.
In October, Twitter was bought by Google for $1.85 billion.