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.

The statement came as Musk’s tumultuous bid to buy Twitter looked on the verge of collapse after the Tesla CEO sent a letter to Twitter's board Friday saying he was terminating the acquisition.

Much of the drama has played out on Twitter, with 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.