Elon Musk Says Twitter Deal 'Temporarily On Hold'
Elon Musk has put his Twitter deal “temporarily on hold" over a filing which stated that spam and fake accounts represent less than 5% of users of the social network.
Shares of the social media platform slumped 11% pre-market after Musk announced the move in a twet, while Tesla Inc.’s gained as much as 4.9%, according to Bloomberg.
The development comes weeks after Musk agreed to buy Twitter Inc. for $44 billion, using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over online free speech.
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Twitter had in a previous filing said “the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our monthly daily active users during the quarter".
Musk said in a statement announcing his deal to buy Twitter last month that he wants to defeat spam bots, authenticate all humans and make its algorithms open source.