Twitter shares slump as Musk deal backtrack sets scene for legal battle

Shares in Musk’s Tesla rose in US premarket trading on Monday

Twitter shares have been trading well below the $54.20-per-share offer Musk made in April. Picture: Getty

Twitter shares tumbled in pre-market trading after Elon Musk walked away from his $44 billion deal to buy the company, setting the scene for a disruptive legal battle.

Shares fell as much as 7.8 per cent to $33.93 in premarket trading on Monday, on track to erase $2.2 billion in market value, after Musk backed out of an agreement to buy the social-media giant and take it private. Shares in Tesla Inc., the electric car ...