Twitter stocks lost all their gains after Elon Musk revealed his shares

Twitter shares gave up all of their gains after Elon Musk announced last month that he had bought a 9% stake in the company.

The stock fell 6% to $38.25 on Monday, falling below its close of $39.31 on April 1, the trading session before Musk announced his minority stake on Twitter. In late April, investors dumped the stock on concerns that Musk would abandon his agreement to buy Twitter for $44 billion, or $54.20 per share.

While stocks already fell early last week, selling accelerated after Musk tweeted on Friday that the deal was delayed until he learned more details about fake accounts and how they increase on the platform. He later wrote that he was "still committed to the acquisition," prompting Twitter chairman Brett Taylor to reply, "So are we."

Musk, the billionaire CEO of Tesla and SpaceX, raised additional concerns as he tweeted about problems with Twitter's algorithm and other "potential code bugs" over the weekend.

On Thursday, Twitter announced it would freeze hiring, scrap deals, and cut costs. Two executives also left the company, added consumer goods executive Kaiwon Baker, who said CEO Parag Agarwal asked him to leave.

Agrawal said Friday that he still anticipates selling Musk but is willing to continue operating and managing Twitter if he doesn't.

As the stock falls, Twitter is now worth more than $29 billion, about $15 billion below Musk's agreed purchase price.