Twitter Shares Fall as Elon Musk Backs Out of $44 Billion Deal

Twitter shares have suffered a drop after Elon Musk announced his decision to pull out of a $44 billion (£36bn) deal to buy the social media platform.

Twitter’s share price stood at about $32.64 as Monday trading closed – falling further below the $54.20-a-share takeover price agreed by Mr Musk and Twitter’s board in April.

It would be recalled that Musk had backed away after claiming Twitter failed to provide enough information on the number of spam and fake accounts on the site.

Meanwhile, Twitter plans to take legal action to make the deal go ahead and has hired a top US law firm.

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