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Twitter Shares Down 7% Following Elon Musk's Scrapped Takeover
The social-media company plans to take legal action against the crypto enthusiast.
Updated May 11, 2023, 4:15 p.m. Published Jul 11, 2022, 10:22 a.m.
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Twitter shares were down 6.6% in premarket trading following Elon Musk's decision to scrap his planned $42 billion takeover of the social media platform with fears that legal action could ensue.
- The stock was trading at $34.40 on the New York Stock Exchange at the time of writing.
- Tesla CEO Elon Musk scrapped his $42 billion takeover of Twitter, claiming that the number of spam of fake accounts on Twitter was much higher than the 5% it had claimed.
- Twitter's board said it remained "confident" that the deal will close and planned to pursue legal action to enforce it.
- Musk is known for his interest in cryptocurrency with his proclamations often having ramifications in the crypto market. He said last month that he saw logic in digital payments being integrated into Twitter.
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