Elon Musk has announced that he has paused his deal to buy Twitter for $44 billion.
In tweets that Musk wrote on early Friday morning (May 13), he announced that the deal is “temporarily on hold” while he investigates some details about the company.
The announcement made Twitter’s stock drop in value by nearly $5 overnight.
Click inside to find out why Elon Musk put his deal on hold…
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted along with a recent Reuters article.
The company announced the estimated number last week in a disclosure that was made after Musk inked the deal to buy Twitter.
Musk clarified in another tweet, “Still committed to acquisition.”
Still committed to acquisition
— Elon Musk (@elonmusk) May 13, 2022