Twitter nears $70 again; shorts hard-pressed to find shares

|By:, SA News Editor

Twitter's (TWTR +2.8%) big selloff has proven quite temporary: After tumbling 17% over two trading days, shares are once more near $70, and the company's valuation once more near $50B.

With shorts having piled en masse into Twitter since its November IPO (29% of the float was shorted as of Dec. 13), there are many reports of investors either being unable to place new short orders, or of only being able to short a limited number of shares, typically at a high lending rate.

Meanwhile, Twitter engineering chief Chris Fry has provided an interview in which he shines a light on the company's decentralized engineering culture - he talks at length about giving teams autonomy to control product development, and individual engineers the chance to move between teams - and suggests upcoming products will be focused on "how people experience the information that sits at the heart of Twitter."

Fry cites Twitter's Event Parrot (provides direct messages that relay news alerts) and Magic Recs (sends direct messages that provide personalized user/content recommendations) projects as examples of such information-focused products. The efforts could help Twitter improve engagement and address the significant churn it's reportedly seeing among new users who become intimidated by the torrent of short-form updates appearing in their timelines.