Elon Musk’s effort to terminate his deal to buy Twitter Inc. sent shares of the social-media company tumbling, as investors prepare for what is expected to be a messy courtroom battle.
Twitter shares fell $4.16, or 11.3%, to $32.65, its biggest one-day drop in more than two months. The stock was the worst performer in the S&P 500 Monday. The move follows Mr. Musk’s disclosure to securities regulators Friday that he is seeking to abandon his $44 billion deal to buy Twitter and take it private, saying that the company hasn’t provided the information he needs to assess the prevalence of fake or spam accounts.
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