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Elon Musk says deal to buy Twitter ‘temporarily on hold’
The billionaire says the deal was temporarily on hold pending details over spam and fake Twitter accounts.
Elon Musk says deal to buy Twitter is ‘temporarily on hold’
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Elon Musk says Twitter deal on hold, sending stock down 20%
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Twitter takeover temporarily on hold, says Elon Musk
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Elon Says Twitter Deal On Hold: What You Should Know

By Shanthi Rexaline

After running the hard mile to mobilize finances for his Twitter Inc. (NASDAQ:TWTR) buy, Elon Musk said early Friday the deal is on hold.

What Happened: Musk tweeted that the deal is temporarily on hold, and the reason apparently is the discord over spam/fake accounts calculation.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," the Tesla Inc. (NASDAQ:TSLA) CEO tweeted.

Musk's announcement comes as a quote tweet of a Reuters article dated May 2 that said Twitter estimates false or spam accounts to make up less than 5% of its monetizable daily active users during the quarter.

Related Link: This Is What Elon Musk Plans to Accomplish With Twitter If He Takes The Platform Private

Why It's Important: For the unversed, Musk in late April offered $54.20 per share to take Twitter private after building up a stake in the social media platform. Although holding off a bit by announcing a poison pill, Twitter finally agreed to be taken over by the Tesla chief.

Musk has since arranged a range of financing partners, including corporate executives, investment banks, and private-equity firms, to fund the acquisition.

The billionaire suggested his primary motive to take over Twitter is to make it a platform for free speech. He has also raised the issue of the proliferation of spam/fake accounts.

Twitter shares were down about 25% to $34.15 in premarket trading on Friday, according to Benzinga Pro data. Meanwhile, Tesla was advancing 6.20% to $771.46.

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Dive Deeper:
Elon Musk says deal to buy Twitter ‘temporarily on hold’
The billionaire says the deal was temporarily on hold pending details over spam and fake Twitter accounts.
Elon Musk says deal to buy Twitter is ‘temporarily on hold’
ELON Musk has said his deal to buy Twitter is “temporarily on hold” over details around the number of spam…
Elon Musk says Twitter deal "temporarily on hold"
Musk provided few details, but the tweet from his official account will ignite havoc in the tech and financial worlds.
Elon Musk says Twitter deal 'temporarily on hold'
Elon Musk said Friday that his planned $44 billion purchase of Twitter is “temporarily on hold” pending details on spam…
One subscription that gives you access to news from hundreds of sites
Elon Musk says Twitter deal on hold, sending stock down 20%
Twitter estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first…
Twitter takeover temporarily on hold, says Elon Musk
Tesla owner says $44bn deal has been paused until he gets more information about fake accounts
Get all your news in one place