Twitter Shares Down 7% Following Elon Musk's Scrapped Takeover

The social-media company plans to take legal action against the crypto enthusiast.

AccessTimeIconJul 11, 2022 at 10:22 a.m. UTC
Updated May 11, 2023 at 4:15 p.m. UTC

Twitter shares were down 6.6% in premarket trading following Elon Musk's decision to scrap his planned $42 billion takeover of the social media platform with fears that legal action could ensue.

  • The stock was trading at $34.40 on the New York Stock Exchange at the time of writing.
  • Tesla CEO Elon Musk scrapped his $42 billion takeover of Twitter, claiming that the number of spam of fake accounts on Twitter was much higher than the 5% it had claimed.
  • Twitter's board said it remained "confident" that the deal will close and planned to pursue legal action to enforce it.
  • Musk is known for his interest in cryptocurrency with his proclamations often having ramifications in the crypto market. He said last month that he saw logic in digital payments being integrated into Twitter.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.