Printed on Thu Sep 29 2022 9:44:38 PM

Elon Musk: Twitter deal 'temporarily on hold'

International desk
World
Elon Musk said he is putting his bid to acquire Twitter on hold, weeks after agreeing to take the company private in a $44 billion deal.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk tweeted on Friday.

The news initially sent Twitter shares down more than 20% in premarket trading before the stock rebounded somewhat. Two hours after his first tweet, Musk posted that he is "still committed to acquisition."

In his tweet about putting the deal on hold, Musk linked to a May 2 Reuters report about Twitter's most recent disclosure about its spam and fake account problem.

In its quarterly financial report, released on April 28, Twitter estimated that fake or spam accounts made up fewer than 5% of the platform's active users during the first three months of the year.

Twitter noted that the estimates were based on a review of sample accounts and it believed the numbers to be "reasonable."

But it acknowledged that the measurements were not independently verified and the actual number of fake or spam accounts could be higher.
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