Twitter shares down after Elon Musk abandons plan to join board
Twitter shares fell Monday morning after CEO Parag Agrawal revealed that Elon Musk has abandoned his plan to join the company’s board.
The social media company’s stock briefly tumbled more than 8% to less than $43 a share at 4 a.m. ET before recovering slightly. The stock was down about 1% at 10:53 a.m. ET after briefly turning positive.
On April 5, Musk and Twitter said he would be joining Twitter’s board. A day earlier, the Tesla and SpaceX CEO disclosed via financial filings that he’s Twitter’s biggest shareholder, with a 9.2% stake in the firm.