By Jonathan Davies

Twitter's shares have tumbled below the initial price set when it listed on the stock market in 2013.

Shares have been as high as $69 but fell 6% on Thursday, taking its price below the $26 initial Fendi Baguette Replica Bags
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public offer (IPO) mark when the social media giant floated in later 2013.

The fall means Twitter's market value plummeted from $41.5 billion to just $17.6bn on Thursday.

The fall comes as investors become increasingly concerned over the company's ability to compete with Facebook in terms of user numbers and profitability. Big investors like US colleges Harvard, Yale and Stanford, started selling large parts of their stake in Twitter in recent weeks.

Last month, Twitter reported a two million rise in active monthly users - its slowest growth since it listed on the stock market. Twitter now has 304 million active monthly users, compared with Facebook's 1.49 - half the world's online population.

Following the results, co-founder and interim chief executive Jack Dorsey told investors that slower growth was “unacceptable and we’re not happy about it”. Mr Dorsey has not said when a permanent replacement for ousted former chief executive Dick Costolo will be made.

Harvard sold nearly 30,000 shares between April and June, Stanford sold 18,000, and Yale sold all of its 34,345 shares.