Twitter deal ‘temporarily on hold’ over a report about fake accounts

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According to Musk’s tweet, it was not apparent whether the acquisition had been halted.

Yasin Ozturk / Anadolu Agency via Getty Images file

Another twist has been thrown into the Twitter saga.

With false accounts being reported, Elon Musk tweeted early Friday that his acquisition of the social networking business has been “temporarily shelved”.

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According to Musk’s tweet, it was unclear if any official procedures had been made to halt the $44 billion transaction, which was agreed on in late April. It has been a rough few weeks for Twitter’s stock value, which is dependent on its stock price.

As of Friday morning, Twitter had a market value of approximately $35 billion. Twitter’s stock price fell 13% in pre-market trade as a result of Musk’s post.

Elon Musk didn’t answer quickly to concerns on Twitter regarding whether or not he had taken action against the deal.

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When Musk tweeted about Twitter’s public filings, he added a link to a Reuters piece from May 2, in which the firm stated that only 5% of its users were spam accounts or bogus accounts. The purchase of the company was motivated by Musk’s desire to crack down on bogus accounts.

About 229 million people use Twitter every day.

Despite the fact that the transaction has not yet been completed — major firm acquisitions may typically take months or even years to accomplish — Twitter has already showed signals of significant changes. It was announced on Thursday that Twitter has fired two executives and put a recruiting freeze in place.

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