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Twitter shares tank as Musk decides to terminate deal
By Shubhangi Mathur - Jul 11, 2022, 01:00 PM ET
Last Updated - Mar 11, 2024, 03:37 PM EDT
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%
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.
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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.
Twitter’s board chairman Bret Taylor, though, said on Friday that the company is committed to close the deal with Musk and plans to pursue legal action to enforce the deal.
Twitter on Monday hired Wachtell, Lipton, Rosen & Katz LLP, a US law firm, as the company prepares to sue Elon Musk and force him to complete the acquisition of the social media platform.
Picture Credits: Getty Images
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