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Elon Musk puts on hold Twitter deal, says ‘still committed to acquisition’
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Elon Musk put his $44-billion deal for Twitter temporarily on hold, citing pending details in support of the calculation that spam and fake accounts represented less than 5% of users. However, in a subsequent tweet, he also said that he was “still committed to [the] acquisition”.
Earlier this month, Twitter estimated that false or spam accounts represented less than 5% of its monetisable daily active users during the first quarter, when it recorded 229 million users who were served advertising. Mr. Musk, the world’s richest man and a self-proclaimed free speech absolutist, had said that one of his priorities would be to remove “spam bots” from the platform.
Following Mr. Musk’s announcement, shares of the social media company fell 17.7% to $37.10 in premarket trading, their lowest level since Mr. Musk disclosed his stake in the company in early April.
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