Twitter Inc. TWTR shares traded 5.15% lower in the pre-market session at $46.23 early Monday.
The plunge in the stock comes as the world's richest person and Tesla Inc. TSLA CEO Elon Musk declined a board position at the social media company.
What Happened: Twitter shares are tumbling following a tweet from CEO Parag Agrawal that said Musk had refused to join the company's board of directors on the day when his addition would have become effective. The Tesla CEO had previously said that he hoped to improve the social media platform.
Musk was appointed to Twitter's board of directors last week — with his term expected to last until 2024 and an agreement that imposed a 14.9% limit on his stake — after recently acquiring a 9.1% share in the company.
The billionaire entrepreneur has continued to criticize Twitter as a platform in recent days. He asked his followers if Twitter was "dying," noting that most of the social media platform's top accounts "tweet rarely and post very little content."
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.