Twitter shares sink 7% in premarket trading after Elon Musk terminates $44 billion deal

Technology

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In this photo illustration, Twitter account of Elon Musk is seen on a smartphone screen and Twitter logo in the background.
Pavlo Gonchar | Lightrocket | Getty Images

Twitter shares sank sharply in early premarket trade Monday after Elon Musk said he is trying to terminate his $44 billion takeover of the company.

Shares of the company fell nearly 9% in U.S. premarkets before paring some losses to trade around 7% lower. Tesla stock, meanwhile, was up around 1% in premarket trade.

This is a developing story and will be updated shortly.

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