Twitter says will sue as Musk moves to cancel bid

Twitter said Friday it will sue Elon Musk to complete the $44B merger he has rejected and is "confident" it will prevail. Musk - who has more than 95 million followers - lamenting that the company was failing to live up to its potential as a platform for free speech.

On Friday, shares of Twitter fell 5% to $36.81, well below the $54.20 that Musk had offered to pay. Shares of Tesla, meanwhile, climbed 2.5% to $752.29. In a letter to the Securities and Exchange Commission, Musk said Twitter has “not complied with its contractual obligations” surrounding the deal, namely giving Musk enough information to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform.”