Elon Musk’s Twitter Purchase ‘On Hold’
Elon Musk announced that his Twitter purchase is “temporarily on hold,” sending shares plummeting more than 10%.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted, adding that he’s “still committed to acquisition.”
Late last month, the social media platform’s board had accepted Musk’s offer to take Twitter private at $54.20 per share.
Earlier this month, Twitter estimated that spam accounts represented fewer than 5% of its daily active users.