Twitter stock dropped 5.46% on Wall Street, to $34.80around 7:05 am (11:05 GMT). It had lost 5.10% before the weekend.
Shares of Twitter slid more than 7%on the first day of trading after Mask said he was abandoning his $44 billion bid for the company and social media platform vowed to challenge Musk in court to uphold the agreement.
Must alleged on Friday that the platform has failed to provide enough information about the number of fake accounts it has. However, Twitter said last month that it was making available to Musk a “fire hose” of raw data on hundreds of millions of daily tweets when he raised the issue again after announcing that he would buy the social media platform.
Twitter said for years in regulatory filings that it believes about 5% of the accounts on the platform are fake but on Monday Musk continued to taunt the social media giant, using Twitter, over what he has described as a lack of data.
Musk agreed to a $1 billion breakup fee as part of the bailout agreement, though it appears Twitter CEO Parag Agrawal and the company are settling in for a legal fight to force Musk to by Twitter.
“For Twitter this fiasco is a nightmare scenario and will result in an Everest-like uphill climb for Parag & CO to navigate the Myriad challenges ahead around employee turnover/morale, advertising headwinds, investor credibility around the fake account/bot issues, and host of other issues abound,” Wedbush analyst Dan Ives, who follows the company, wrote on Monday.
Source: Eyewitness News, India TV News, The Washington Post, Yahoo Finance, Times of Malta, image from Twitter: New York Post