Twitter Stock Falls As Company And Elon Musk Dig In For Legal Fight

CBS San Francisco

July 11, 2022

Shares of Twitter fell more than 7% Monday morning after billionaire Elon Musk said that he was abandoning his $44 billion bid for the company and the social media platform then vowed to challenge Musk in court to uphold the agreement.

Musk announced he was pulling out of the deal on Friday, claiming that Twitter refused to provide enough information about the number of fake accounts it has and that Musk's advisors determined the true incidence of bots on the platform is "wildly higher" than Twitter claims.

However, Twitter said last month that it was making available to Musk a "firehose" of raw data on hundreds of millions of daily tweets when he repeatedly raised the issue. Twitter has 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 company, using Twitter, over what he has described as stonewalling.

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