Twitter shares plummeted during pre-market trading on Friday morning after Elon Musk said his deal to buy the social media company is “on hold” until he gets more information on the number of fake and spam accounts on the platform.
Musk, whose offer to buy Twitter for $44 billion was accepted by the company’s board in April, said the takeover deal was “temporarily on hold” amid concerns over the number of fake and spam accounts on the site.
The billionaire said he was waiting on details supporting the company’s calculation that fake or spam accounts made up less than 5% of its users.
Twitter shares fell 25% in pre-market trading after the announcement.
This is a developing story.