Billionaire investor, Elon Musk said he has put his $44 billion deal for Twitter Inc temporarily on hold, citing pending details in support of the calculation that spam and fake accounts indeed represent less than 5% of users.
Elon Musk who revealed this in a tweet via his Twitter handle said “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted.
Musk, the world’s richest man, had said that one of his priorities would be to remove “spam bots” from Twitter.
Shares of the social media company fell 17.7% to $37.10 in premarket trading, their lowest level since Musk disclosed his stake in the company in early April and subsequently made a “best and final” offer to take it private for $54.20 per share, according to NDTV.
Twitter had earlier this month estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter, when it recorded 229 million users who were served advertising.
“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.