(WASHINGTON EXAMINER) – Elon Musk's $44 billion deal to buy Twitter is "on hold" for the moment, the billionaire business tycoon said on Friday.
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk tweeted. The price of shares in the social media company dipped double digits in premarket trading after the Tesla and SpaceX CEO's tweet.
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In his tweet announcing the snag in the deal, Musk shared a news article from earlier this month about a Twitter disclosure in which the company estimated that fake or spam accounts represent fewer than 5% of its 229 million monetizable daily active users in the first quarter.