Twitter's video-sharing mobile app Vine to shut down

Twitter has decided to close its video sharing service Vine. The social networking website didn’t give any reason for the closure but on Thursday it had unveiled hefty job cuts and more losses after talks to find a buyer collapsed.

Vine is a short-form video sharing service where users can share six-second-long looping video clips. The service was founded in June 2012, and American microblogging website Twitter acquired it in October 2012, just before its official launch.

Twitter's 2013 public offering was among the mostanticipated in the sector, but after a brief rise, the shareshave been slumping. Based on its most recent share price,Twitter's market value is about USD 12 billion.

 

We have some important news to share about Vine. Read more here: https://t.co/jPveGelXgS

— Vine (@vine) October 27, 2016