Shares of Twitter On Monday had dropped in value to 37 percent below the $44 billion price Elon Musk first offered the company when he sought to purchase it.

The Tesla founded told securities regulators on Friday that he would terminate his deal with Twitter, resulting in a rapid drop in their share price of 10 percent in the first day of trading after Musk’sannouncement.

Shares currently stand at $33.31 each, significantly lower than Musk’s offer of $54.20 per share, according to FactSet data published by The Wall Street Journal on Monday.

Twitter shares experienced their biggest drop in two months after the cancellation of Musk’s deal to buy the social media platform and take it private and are now lower than they were in April when Musk acquired his initial 9 percent stake in the company.

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