Elon Musk put Twitter deal on hold over fake account report

Elon Musk announced on Friday that his $44 billion deal with Twitter had been put on hold for the time being. The deal was placed on hold pending details supporting the calculation that spam and fake accounts represented for less than 5% of users, according to Tesla’s CEO.

Musk announced last month that he had agreed to buy Twitter Inc for $44 billion in cash. Musk, the world’s richest man, has stated that removing “spam bots” from the platform would be one of his top goals.

Earlier this month, the business calculated that fake or spam accounts represented for less than 5% of its monetisable daily active users in the first quarter.

According to sources, Twitter and Tesla stock swung significantly in opposing ways, with Twitter falling 18% and Tesla, which Musk had proposed using to help pay the Twitter transaction, rising 5%.