UPDATE: Is Twitter Really Considering A 10,000 Character Tweet Limit?

Shares of Twitter Inc (NYSE: TWTR) continued their decline Tuesday afternoon and were lower by nearly 3 percent at $21.93.

Re/code, citing "multiple sources familiar with the company's plans," reported on Tuesday morning that Twitter is building a new feature that will expand a Tweet's character limit to 10,000 from its current 140-character limit.

The new initiative is dubbed "Beyond 140."

Re/code noted that Twitter's Direct Messages product already has a 10,000 character limit, making a potential expansion of the Tweet limit not a complete surprise.

The publication added there is no launch date and the character limit could fluctuate before a final roll-out.