Since last month, when Musk disclosed that he had bought a 9% stake in the company, the shares have lost all of their gains.
The stock fell below the closing price of $39.31 on April 1, the last trading day before Musk revealed his ownership in the micro-messaging service. The stock has been dumped by investors because they are worried that Musk will abandon his agreement to purchase the company for $44 billion.
The selloff accelerated after Musk said on Friday that the deal is on hold until he finds out more about fake accounts and how widespread they are on the platform. He later wrote that he was still committed to acquisition, prompting Taylor to respond.
Musk, the billionaire CEO ofTesla and SpaceX, raised more alarm as he continued to send out messages about the problems with the program.
On Thursday, it was announced that it was cutting costs and freezing hiring. The head of consumer product, Kayvon Beykpour, left the company after the CEO asked him to leave.
In case the sale to Musk doesn't go through, he's prepared to continue leading and operating the company.
With the continued slide in the stock, the company is now valued at a little over $29 billion, or roughly 15 billion less than Musk agreed upon purchase price.
The former FCC chairman says that Musk's acquisition is very unpredictable.
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