Twitter nosedives, sparking new shake-up talk

Graph And Coins

With a nearly 2 percent dip Friday, Twitter shares closed at their third straight record low, amid reports that the microblogging site's founder may depart its board in a bid to restore investor confidence.

The stock slipped to about $27 per share, the closest it's ever been to its $26 IPO price.

The social media company's shares have endured a remarkable rise and fall, shedding about 64 percent since hitting an intraday high above $74 per share in December 2013.

Twitter has lost half its value in just four months, since April 8. Only two S&P 500 Index companies — Keurig Green Mountain and Consol Energy — have performed worse in that span.

The drubbing comes as uncertainty surrounds Twitter's long-term growth and leadership. Chief Financial Officer Anthony Noto sparked a selloff late last month when he said on Twitter's earnings conference call that "sustained, meaningful" user growth would not come for a "considerable period of time."

Separately, Re/Code reported that former CEO Dick Costolo will likely step down from the social media company's board once his permanent replacement is hired, citing unnamed sources close to the company.

Read More Twitter closes at record low amid growth concerns

In the second quarter, Twitter showed progress in monetization, as its $502 million in revenue topped the Street's estimates. Its advertising sales climbed 62 percent year over year to $452 million.

But investors soured as the company reported 304 million monthly active users in the quarter. That marked an increase of 2 million from the previous quarter and came in below expectations of 310 million.

Twitter co-founder and Square CEO Jack Dorsey currently leads the company on an interim basis after Costolo stepped down at the end of June. While Dorsey has maintained that he will not change Twitter's strategy, some investors have called for him to stay.

Early Twitter investor Chris Sacca on Friday urged the company's board to keep Dorsey as CEO, saying he has "product vision." In a string of tweets, Sacca also recommended Twitter name executive Adam Bain president and chief operating officer, while making co-founder Evan Williams chairman of the board.

In the last week, Noto and venture capitalist Peter Fenton have each acquired roughly 7,000 Twitter shares, according to SEC filings.

CNBC's Robert Hum contributed to this report.