Twitter shares sink after Elon Musk abandons $44 million deal to buy social platform

July 11 (UPI) — The value of public Twitter stock sank at the start of trading on Monday after the first opening bell on Wall Street since billionaire Elon Musk said he’s backing out of an agreement to buy the social platform.

Shares of Twitter had fallen by more than 7% on the New York Stock Exchange after the bell on Monday, after they declined by about 5% in premarket trading. By 9:45 a.m. EDT, shares were trading for about $34. Shares peaked at $51.70 in April after Twitter’s board agreed to Musk’s buyout offer of $44 million.

The downturn was expected after Musk announced on Friday that he wanted out of the Twitter deal, which he’d pursued for months.


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