Twitter shares hit new low on rumored shift to 10,000-character tweets

Tech company considers expanding beyond 140-character limit as it looks to grow user base under recently appointed chief Jack Dorsey

Twitter is rumored to be considering increasing its per-tweet character count from 140 to 10,000 - a potential move that instantly sent the troubled tech company's share price into a tailspin.

Twitter shares plummeted more than 2% on the news, first reported by Re/code on Tuesday, which seemed to undermine the essential nature of the short-form social media platform. The company's shares ended down 2.97% at $21.89, a new low.