Twitter shares sink 11.3% after Musk withdraws takeover bid

About 60 minutes into trading Monday, Tesla shares sank 7.0 per cent to $34.24

In his first public remarks since the announcement, Musk took to Twitter late Sunday night to troll the company after it said it would sue to enforce the deal. Credit: AFP Photo

Twitter shares plunged Monday after Elon Musk announced the withdrawal of his $44 billion takeover bid, setting the stage for a potential legal brawl.

Shares in the social media giant ended down 11.3 per cent at $32.65 in the first session after Musk revealed late Friday he was dropping the takeover plan.

Musk followed up on Sunday night with a pair of mocking tweets after the company said it would sue the billionaire entrepreneur to force the deal to go through.