Now that Elon Musk has decided he would rather not own Twitter, Wall Street is scrambling to think through what happens from here, and what the company might be worth on a standalone basis.

Twitter shares plunged 11.3% on the news on 11 July, but still seemed priced to reflect the possibility a deal will still happen at a lower price. If there is no sale, Twitter stock could tumble another 30% from here, analysts say.