Twitter Shares Sink, With Legal Battle Ahead as Elon Musk Walks Away

August 26, 2022

(Bloomberg) -- Twitter Inc. shares fell in premarket trading after Elon Musk walked away from his $44 billion deal to buy the company, setting the scene for a disruptive legal battle. Shares in Tesla Inc., the electric carmaker that Musk leads, climbed 1% after swinging between gains and losses. Twitter shares have been trading well below the $54.20-per-share offer Musk made in April. “It’s not a huge surprise to anyone that Musk is trying to abandon the deal,” said Vital Knowledge founder Adam Crisafulli. Twitter doesn’t seem to have a plan to grow either at this point.”(Updates share price moves throughout)Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.