Twitter cuts staff, kills Vine app amid pressure to grow
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.