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Elon Musk puts USD 44 billion deal to buy Twitter ‘on hold’

Elon Musk puts USD 44 billion deal to buy Twitter 'on hold'

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Elon Musk puts USD 44 billion deal to buy Twitter ‘on hold’

Elon Musk on Friday said he is temporarily putting his USD 44 billion acquisition deal with Twitter on hold. The deal has been halted till it is ascertained whether spam or fake accounts represent less than 5 percent of Twitter’s total userbase




“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted on Friday.

In a filing on Monday, the microblogging site estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter, news agency Reuters reported. The social media giant had 229 million users who were served advertising in the first quarter. The company said it faced several risks until the deal with Musk is closed, such as whether advertisers would continue to spend on Twitter and “potential uncertainty regarding our future plans and strategy.”


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Last Month, Musk had closed a deal with Twitter Inc to acquire the microblogging site for $44 billion cash in a transaction. Musk, the world’s richest man, had recently said that one of his priorities would be to remove “spam bots” from the platform.


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