Twitter has been doing a lot to try to make its service better. But its stock price won't stop going down.
The social media company's shares reached a new low on Friday, dipping below $20 a share in midday trading. The stock fell as low as $19.60 before recovering slightly.
To put that in context, Twitter went public at a price of $26 a share in November 2013. The stock surged on its first trading day to close at $44.90.
The stock fell as the excitement around the IPO wore off, but it tended to stay above $30 a share. After the first trading day of 2015, Twitter shares were at $36.56.
Then, after climbing to more than $50 a share last spring, the stock plunged on a disappointing earnings report in late April. It never recovered, eventually falling below $25 a share in December.
Jack Dorsey, the Twitter co-founder who was named CEO in October, has introduced a number of tweaks and updates to the Twitter experience (including things that were in the works under the previous CEO, Dick Costolo). But none of these has breathed much life into the languishing stock price.
The company replaced "favorites" with "likes" in November. It introduced "Moments," intended to showcase the best stuff on Twitter. And it's now considering letting people go beyond the 140-character limit for tweets.
This is the kind of thing Dorsey pledged to do as CEO. But his biggest challenge remains: reversing the trend of slowing growth in new people using the service. Until Twitter can show it has a broader appeal, investors will probably continue be skeptical.