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Elon Musk ‘disrupts’ Twitter on the stock market

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Twitter shares on Wall Street fell their worst in more than a year after businessman Elon Musk backed out of buying the social network for $44 billion. The issuer’s shares fell 11.30% on the New York Stock Exchange , the deepest decline since April 30, 2021, when it fell 15.16%, according to data from Investing.com.

The company’s stock closed the session at $32.65, which was 40% lower than what Musk had offered in April. After weeks of threats, the world’s richest person according to the Bloomberg Billionaires Index pulled out of the deal on Friday, accusing Twitter of making “misleading” statements about the number of fake accounts, according to a letter from his lawyers, a copy of which was filed with the US financial regulator.

Musk’s decision to terminate the purchase agreement signed in April sets the stage for a potentially lengthy court battle with the company, which had initially opposed a transaction.

Twitter’s original purchase agreement contained a $1 billion breach penalty.

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