Twitter shares tank as Musk decides to terminate deal
Twitter Inc (NYSE: TWTR) shares fell in premarket trade on Monday after Elon Musk said he is seeking to terminate the $44 billion deal to buy the social media platform
By Shubhangi Mathur
Published - Jul 11, 2022, 01:00 PM ET
Last Updated - Mar 11, 2024, 03:37 PM EDT
• Shares of the company fell more than 6%
Twitter Inc (NYSE: TWTR) shares fell in premarket trade on Monday after Elon Musk said he is seeking to terminate the $44 billion deal to buy the social media platform.
Shares of the company fell more than 6% on Monday, erasing nearly $1.8 billion of its market value.
This comes after Musk’s attorney said on Friday that the billionaire has decided to end the deal as Twitter was unable to provide information on its claim that only about 5% of its monetizable daily active users (mDAUs) are spam accounts. Musk, on the other hand, alleges that the number of spam accounts is much higher.
