NEW YORK (AP) — Twitter, seemingly unable to find a buyer and losing money, is cutting about 9 percent of its employees worldwide.

The social media site has failed to keep pace with rivals Facebook, Snapchat and Instagram and in recent months, rumors that it would be acquired have run rampant.

Shares of Twitter, which have tumbled 27 percent in the past month as possible suitors have wandered away, rose 4 percent before the opening bell Thursday.

The San Francisco company said it expects to take $10 million to $20 million in charges as it lays off more than 300 of its 3,860 workers.

“We have a clear plan, and we’re making the necessary changes to ensure Twitter is positioned for long-term growth,” CEO Jack Dorsey said in a company release.

Since the end of 2014, Twitter has lured 15 million monthly users to expand its audience to 313 million people.