Elon Musk declares Twitter deal “temporarily on hold”

Elon Musk tweeted that his $44 billion Twitter buyout is “temporarily on hold” pending further details on the number of spam accounts on the platform.

Twitter estimated in a filing that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter. In a statement announcing his deal to acquire Twitter last month, Elon Musk said he wanted to defeat spam bots, authenticate all people, and open source their algorithms.

“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” Musk said. 

Twitter slumped 20% in pre-market trading after Musk tweeted.

Elon Musk, who added that he was still committed to the acquisition, has secured $7.14 billion in funding from a group of nearly two dozen investors including Larry Ellison, Andreessen Horowitz and Sequoia Capital to back his $44 billion bid to acquire Twitter.

Written by Sophie Blake

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