Twitter shares lower amid looming Musk legal battle

The sell-off in Twitter shares pushed the share price below $34, far from the $54.20 that Musk agreed to pay for the company.

By

National News

July 11, 2022 - 4:23 PM

(Scott Olson/Getty Images/TNS)

NEW YORK (AP) — Shares of Twitter slid more than 9% in the first day of trading after billionaire Elon Musk said that he was abandoning his $44 billion bid for the company and the social media platform vowed to challenge Musk in court to uphold the agreement.

Twitter is now preparing to sue Musk in Delaware where the company is incorporated. While the outcome is uncertain, both sides are preparing for a long court battle.

Musk alleged Friday that Twitter has failed to provide enough information about the number of fake accounts on its service. However, Twitter said last month that it was making available to Musk a “ fire hose “ of raw data on hundreds of millions of daily tweets when he raised the issue again after announcing he would buy the social media platform.

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