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Elon Musk tweeted Friday morning his proposed acquisition of Twitter is “on hold.”
The deal is on hold pending verification of a detail from a filing that said less than 5% of Twitter accounts are spam or fake, Musk said.
Musk has said tackling spam accounts would be a priority if he took over Twitter.
Elon Musk tweeted early Friday morning to say that his proposed $44 billion acquisition of Twitter is “temporarily on hold.”
Musk included a Reuters article in his tweet, which reported that Twitter had said in a regulatory filing that fake or spam accounts represented less than 5% of its user base.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted.
It’s not clear from Musk’s tweet what part of the report concerns him or why it would result in him putting the deal on hold.
Musk has stated publicly that tackling spam bots on Twitter would be one of his priorities if he successfully acquires the company.
Musk’s tweet sent Twitter stock tumbling as much as 25% in premarket trading.
This is a developing story…
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Source:: Business Insider