7/11, 11:02 AM (Source: TeleTrader)
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Twitter drops 7% in premarket after Musk cancels merger

Twitter Inc. shares plunged up to 7% in premarket on Monday, following the world's richest man Elon Musk's decision to terminate the deal on the social media company's acquisition.

Following the reports that the Twitter acquisition deal was in "serious jeopardy," it was announced that Musk was canceling the merger because the social media company violated "multiple provisions of the Agreement." Twitter Board Chair Bret Taylor revealed that in case the takeover deal fails, the company will take legal action against Musk.

Twitter's stock was down 6.90% at 5:00 am ET, going for $34.27.

Baha Breaking News (BBN) / AB