Twitter removes trailers since Musk revealed involvement

Shares of the San Francisco, California-based company fell as much as 4.9% to $38.71, down from the closing price of $39.31 on April 1, the last trading session before the Musk will reveal his 9% stake in the company.

Musk, who is an avid user of Twitter with more than 93 million followers, last month it presented a US$54.20 per share offer to take the company private. But uncertainty surrounding the deal, fueled in part by Musk’s comments, has seen the shares trade well below the offer price amid doubts about whether the acquisition will go through.

The gap between Musk’s purchase price and market value, a benchmark of confidence that the deal will go through, widened to a new record high of $15.49 on Monday.

The most recent sale of shares of Twitter was triggered on Friday after Musk took to the platform to claim that his offer was “temporarily on hiatus”although he maintained that “was still engaged” with the agreement. The stock closed Friday down 9.7% in its worst session since Oct. 27.