Musk Says Deal with Twitter 'Temporarily on Hold.' Here's Why.

Posted: May 13, 2022 8:30 AM
Musk Says Deal with Twitter 'Temporarily on Hold.' Here's Why.

Source: AP Photo/Chris Carlson, File

Billionaire Elon Musk tweeted Friday morning that the Twitter deal hit a snag.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” he tweeted, linking to a Reuters article.

According to the report, “Twitter Inc (TWTR.N) estimated in a filing on Monday that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.”

Musk, who bought Twitter last month for $44 billion, said a top priority for him would be the elimination of “spam bots.”

"Twitter said in the filing it faced several risks until the deal with Musk is closed, such as whether advertisers would continue to spend on Twitter and 'potential uncertainty regarding our future plans and strategy,'" Reuters reported. 

Musk followed up his tweet expressing his continued interest that the deal goes through.

"Still committed to acquisition," he said.

Probability that the deal goes through fell considerably after Musk's tweet.

Twitter shares also fell in pre-market trading.