Shares of Twitter slid more than 11% on the first day of trading after billionaire Elon Musk said he was abandoning his $44 billion bid for the company and the social media platform vowed to challenge Musk in court to uphold the agreement.
The Tesla and Space-X CEO agreed to buy Twitter for $54.20 a share back in April.
Musk alleged Friday that Twitter has failed to provide enough information about the number of fake accounts it has. However, Twitter said last month that it was making available to Musk a “fire hose” of raw data on hundreds of millions of daily tweets when he had raised the issue again after announcing that he would buy the social media platform.
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Twitter has said for years in regulatory filings that it believes about 5% of the accounts on the platform are fake.
On Monday, Musk…