Elon Musk said Friday that his planned $44 billion takeover of Twitter is “temporarily on hold” pending details about the extent of spam and fake accounts on the platform – adding hours later that he is “still committed to acquisition” of the social media platform.
Twitter stock plummeted as much as 20%, to $36.10, in premarket trading on news of Musk’s early-morning tweet — which linked to a Reuters story about the social media company’s estimates about phony accounts.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted.