Twitter Shares Sink After Musk Says He’s Ending Acquisition Bid

Twitter Inc. shares dropped late on Friday after Elon Musk said he’s terminating the $44 billion agreement to acquire the social media company.

The stock fell as much as 9% in postmarket trading after a regulatory filing from Musk laid out his case for abandoning the deal. The news sent shares of Tesla Inc., the electric car maker that Musk leads, up as much as 3% while social media peers Snap Inc. and Pinterest slid about 1%.