Twit­ter cuts staff, kills Vine app amid pres­sure to grow

Baltimore Sun - - ELECTION 2016 - —As­so­ci­ated Press — Chicago Tri­bune

Twit­ter, seem­ingly un­able to find a buyer and los­ing money, is lay­ing off more than 300 of its 3,860 em­ploy­ees world­wide. It is also killing off Vine, a mo­bile video app where peo­ple share short video clips that play in a loop. While beloved by users and a pi­o­neer in its own right, Vine, which launched in 2013, never took off with the masses and has lost its lus­ter as of late. Twit­ter has failed to keep pace with ri­vals Face­book, Snapchat and In­sta­gram. with the mat­ter, Bloomberg re­ported Gan­nett was set to ac­quire Tronc, the par­ent of The Bal­ti­more Sun, for about $18.75 per share, but sev­eral lenders with­drew over con­cerns that the val­u­a­tion was too high. Shares of Tronc fell nearly 30 per­cent to an in­tra­day low of $11.78. The stock closed at $12.27 a share, down about 28 per­cent. Gan­nett fell as much as 18 per­cent to $8.08 a share, and closed at $8.21 a share, a new low since the news­pa­per chain spun off as a stand-alone com­pany in June 2015.

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