Because there was the specter of a protracted legal battle to close the Twitter acquisition and that risk (of both time and result) was priced into a 25% discou

Because there was the specter of a protracted legal battle to close the Twitter acquisition and that risk (of both time and result) was priced into a 25% discount on the acquisition price. That’s why the stock bumped to 50 on the acquisition news and fell off as the deal became imperiled.