As shares of Snap plunged 40% Tuesday, dragging down all social media stocks, twitter dropped 3%, changing hands at $36.72 each. That would mark its market value at roughly $28 billion, 36% less than Musk’s ‘best and final’ offer. Musk has indicated he is still interested in a purchase, despite his concerns with the percentage of users which are bot accounts. However these conditions make it significantly more likely he will either seek a lower price, or back out of the deal.

Some analysts have noted Musk could even walk away cold at this point, pay the $1 billion penalty for breaking the deal, and walk into an overall cheaper deal even with the penalty, as twitter stocks slide and the company’s reputation continues to be assailed over the percentage of bot accounts and the profitability of its business model.