Musk says Twitter deal on hold

Musk made announcement in Twitter post, weeks after agreeing to buy social media platform for $44 billion
Elon Musk, Met Gala, New York, May 2, 2022

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.