The rumors about Twitter going on sale have gained traction with companies such as Google and Disney reportedly scrambling to offer bid in acquiring the social media firm.

According to RT, rumors are going around that Twitter is up for sale for $16 billion. But for now, there's confirmation from the company regarding this.

Back in February this year, Business Insider reported that the number of users on Twitter has declined and the company has not really attracted new users. During its peak in August 2014, the number of tweets per day reached 661 million. By January this year, only half of that number remained.

That's the reason why the rumors about Twitter being for sale have cropped up.

Now, this report from Bloomberg that Walt Disney is reportedly preparing its own bid for Twitter. However, the company did not respond when Bloomberg reached out to execs for comments.

It's really not surprising that Disney would be included in the Twitter sale rumors considering the reach of the social media firm.

James Carmak, Monness Crespi Hardt & Co analyst told Bloomberg that Disney is "investing in technology for distribution -- and this would give them the platform to reach audiences around the world."

Forbes said that other companies that are interested in acquiring Twitter include Alphabet and Salesforce. There were also rumors that Google is interested in throwing its hat into the Twitter sale.

Nevertheless, the rumors of Twitter up for sale have resulted to an increase in its stock price by as much as 20% on Friday last week.