Some of the biggest universities in the world are selling off major chunks of their Twitter stocks.
Harvard University sold 29,856 directly held Twitter shares between April and June, due to fall in the value of holdings to $2.2m.
Stanford University sold around 18,000 shares this quarter when value of its holding dropped to $5.1 m, and Yale sold its entire share in the micro blogging site.
Twitter shares have slumped since April after the company announced that users and advertisers are losing interest in the company. It also had to cut its sales forecast.
Direct holdings by the universities only account for less than 5% of their portfolios and are not part of their broader investment strategies.
Bloomberg cited regulatory filings that showed that directly held US securities do not include cash, holdings that are not publicly traded or assets held indirectly by outside money managers.
Twitter is going through some major changes as earlier it was reported that the company is planning to hire a new CEO in order to bring more diversity to be board.
