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Twitter shares tumble after Elon Musk ends $44B deal
Elon Musk is ‘scrapping’ $44B Twitter deal
Kaltbaum Capital Management Gary Kaltbaum said ‘the party is over’ following Elon Musk’s decision to terminate Twitter deal on ‘Fox Business Tonight.’
Twitter shares fell roughly 6% in premarket trading Monday following news that billionaire Elon Musk planned to walk away from his deal to purchase the company for $44 billion.
Musk's attorney informed Twitter last week that the Tesla CEO was terminating the deal to purchase the social media giant. Musk alleges that Twitter appears to have "made false and misleading representations" regarding the platform, particularly how it handles spam accounts.
"For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,'" Musk's lawyer wrote Friday.