Twitter Shares Sink After Musk Says He’s Ending Acquisition Bid
- The stock dropped as much as 9% in postmarket trading
- Analyst calls Musk’s exit a ‘disaster scenario’ for Twitter
Twitter headquarters in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Twitter Inc. shares dropped late on Friday after Elon Musk said he’s terminating the $44 billion agreement to acquire the social media company.
The stock fell as much as 9% in postmarket trading after a regulatory filing from Musk laid out his case for abandoning the deal. The news sent shares of Tesla Inc., the electric car maker that Musk leads, up as much as 3% while social media peers Snap Inc. and Pinterest slid about 1%.