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Wednesday, February 8, 2023

Twitter Stock Drops After Elon Musk Looks to Nix Deal

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Elon Musk’s effort to terminate his deal to buy Twitter sent shares of the social-media company tumbling, as investors prepare for what is expected to be a messy courtroom battle.

Twitter shares fell 6.7% to $34.35 shortly after the opening bell, putting shares on pace for their biggest drop in nearly two months. The move follows Mr. Musk’s disclosure to securities regulators Friday that he is seeking to abandon his $44 billion deal to buy Twitter and take it private, saying that the company hasn’t provided the information he needs to assess the prevalence of fake or spam accounts.

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