Twitter (TWTR) shares were down 6.6% in pre-market trading following Elon Musk’s decision to scrap his planned $42 billion takeover of the social media platform with fears that legal action could ensue.
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TWTR shares on the New York Stock Exchange (NYSE) were down 6.55% trading at 34.40 at the time of writing.
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Tesla (TSLA) CEO Elon Musk scrapped his $42 billion takeover of Twitter claiming that the information provided by the company around the number of spam of fake accounts was much higher than the 5% it had claimed.
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Twitter’s board said it remained “confident” that the deal would still be closed and planned to pursue legal action to enforce it.
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Musk is known for his interest in cryptocurrency with his proclamations often having ramifications in the crypto market. He said last month that he saw logic in digital payments being integrated into Twitter.
Read more: Elon Musk Wants to Authenticate Every Twitter User. Crypto Twitter Should Take Notice
