The beleaguered social media giant Twitter has announced that it is going to close Vine, the small loop-styled video based social media service. Twitter bought Vine for $30 million back in 2012. A post on Medium by Vine’s team said the service will remain working for now. You can download all your vines and save them. The mobile apps will keep working. The announcement to shut down Vine comes as an alert for the user about the future to avoid any surprises. Apparently nothing is working for Twitter these days. The company is losing stream, facing no user growth. It also announced to cut its global workforce by 9% as the company tries to cut costs and reconfigure business model.
A few weeks ago, several reports suggested that many big companies, including Disney were in talks with Twitter for a buyout. But apparently all the suitors walked off.