Twitter stock fell because of Elon Musk’s whims.
Twitter shares fell 8% before the New York Stock Exchange opened to $43 a share on Monday, CNBC reported.
Twitter shares have since recovered slightly, rising to $45, the media reported.
Twitter’s share price plunged because of the news that Musk has decided not to join the Twitter board.
Twitter CEO Parag Agrawal tweeted on the 11th that “Elon Musk has decided not to join our board.”
The commotion between Twitter and Elon Musk began last week.
The U.S. Securities and Exchange Commission (SEC) announced on the 4th that Musk became the largest shareholder by acquiring a 9.2% stake in Twitter. A day later, Agrawal announced that Musk would also join Twitter’s board of directors.
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Investors cheered loudly when news broke that Musk was joining Twitter’s board.
But Musk, who was due to be appointed as Twitter’s board member, abruptly announced on the 9th that he would not attend, Agrawal CEO revealed.