Musk says Twitter deal on hold

Musk made announcement in Twitter post, weeks after agreeing to buy social media platform for $44 billion

Updated: May 13, 2022 - 7:04am

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Billionaire entrepreneur Elon Musk said Friday he is putting on hold his purchase of Twitter.

Musk made the announcement in a Twitter post, weeks after agreeing to buy the social media platform for $44 billion. 

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," tweeted Musk, the found and CEO of the SpaceX and electric vehicle company Telsa.

In his tweet, Musk linked to a Reuters report that stated Twitter had disclosed in a filing Monday that fake or spam accounts represented fewer than 5% of Twitter's monetizable daily active users during the first quarter, according to CNN.