Elon Musk: Twitter deal ‘temporarily on hold’ overestimates of spam accounts

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Twitter’s $44 billion acquisition bid by Elon Musk has been put “temporarily on hold.”

Twitter deal 'temporarily on hold' over a report about fake accounts

Elon Musk highlighted a Reuters investigation earlier this month that estimated less than 5 percent of Twitter’s accounts were bogus, which the Tesla and SpaceX entrepreneur cited in a Friday tweet.

It has been put on hold “waiting further information to support the calculation that spam/fake accounts do indeed comprise less than 5% of users,” stated Musk.

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On Friday, Twitter’s stock fell 14% in pre-market trade.

Elon Musk’s comment came just one day after Facebook sacked two of its senior executives. According to Twitter, the firm is “cutting down on non-labor costs to ensure we are being responsible and efficient,” it has put a halt to most hiring save for crucial roles.

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When Musk agreed to pay $44 billion for Twitter, one of his top concerns was to purge the platform of spam and fraudulent accounts. Musk has also expressed his displeasure with Twitter’s content-moderation policies. The transaction is scheduled to be completed by the end of the year.

Elon Musk indicated earlier this week that he would let former President Trump to rejoin the platform if the agreement is approved, despite the fact that he was permanently banned following the Jan. 6 Capitol rioting.

The Associated Press is among the organisations that have contributed.

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