Twitter's stock dropped in premarket trade on Monday after CEO Parag Agrawal stated that Elon Musk has dropped out of the company's board of directors.
At 4 a.m. ET, the social media company's stock fell over 8% to less than $43 a share before recovering slightly. At 5:20 a.m. ET, shares were trading at $44.25, down 4.28 percent.
Musk and Twitter announced on April 5 that he would be joining the Twitter board of directors. The Tesla and SpaceX CEO revealed a day earlier that he is Twitter's largest stakeholder, with a 9.2 percent interest in the company, in financial filings.
Musk was set to join Twitter's board of directors on Saturday, but the world's richest man told the firm on the same day that he would not be taking the position.
blogpay
Total Comments: 0