Twitter Shares Sink, With Legal Battle Ahead as Elon Musk Walks Away
- Social-media giant plans to pursue legal action to close deal
- Deal saga has been disruptive: Vital Knowledge’s Crisafulli
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Twitter Inc. shares fell Monday after Elon Musk walked away from his $44 billion deal to buy the company, setting the scene for a disruptive legal battle.
The shares closed 11% lower at $32.65, erasing about $3.2 billion in market value, after Musk backed out of an agreement to buy the social-media giant and take it private. Shares in Tesla Inc., the electric carmaker that Musk leads, fell nearly 7%.