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News Corp denies rumours of Twitter bid

Twitter CEO Jack Dorsey has been trying to make the site more engaging
Twitter CEO Jack Dorsey has been trying to make the site more engaging

Rupert Murdoch's News Corp said rumours about the company's interest in buying microblogging site Twitter or building a stake in it were untrue. 

Twitter's shares, which rose as much as 14% at some stage yesterday, pared some gains and closed up 4.1% at $17.38 last night. 

The stock rose from a record low after unconfirmed chatter about News Corp's interest in Twitter circulated yesterday. 

The rumours intensified after a CNBC segment, tech website Re/code said. 

The social media site was evaluated as a takeover target because of the company's shrinking stock price, Re/code said.

In the few months since co-founder Jack Dorsey returned as the chief executive, Twitter has been trying to make the site more engaging. 

The company said in December it was testing a feature to show ads to people who read tweets without logging in as it tries to monetise non-active users.

Twitter already has several high-profile investors. Former Microsoft Steve Ballmer reported a 4% stake in October, making him the third-biggest shareholder after Twitter co-founder Evan Williams and Saudi billionaire Prince Alwaleed bin Talal. 

The company has been the subject of takeover rumours in the past.