Minutes after a CNBC report that Twitter Inc. had received a $31 billion takeover bid sent its shares up more than 8%, reports on Twitter and elsewhere suggested it was fake, sending the shares off their peak levels. CNBC said the company was working with bankers to evaluate the offer. Twitter Chief Executive Dick Costolo stepped down in June and was replaced by co-founder Jack Dorsey, who has been tasked with finding ways to boost its user growth rates. Twitter shares were last up just 2%.
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