Elon Musk says that his plan to buy Twitter has been put on hold

Based on Musk's post, it was unclear whether any official procedures had been made to block the transaction.

Elon Musk said he is putting his bid to acquire Twitter on hold, weeks after agreeing to take the company private in a $44 billion deal.

"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.

Twitter was worth about $35 billion as off Friday morning. Right after Musk's tweet, the price of Twitter's stock plunged more than 18 percent.
Musk did not react to inquiries regarding any efforts made to block the deal when asked via Twitter.

Musk's tweet contained a link to a Reuters article from May 2 concerning Twitter's public filings, in which the firm claimed that bogus or spam accounts accounted for just about 5% of its total user base. Musk has made fighting bogus accounts a significant part of his justification for purchasing the company.

Twitter has around 229 million users.
Despite the fact that the deal has not yet been completed — major firm acquisitions can take months or even years to complete — Twitter has already begun to undergo significant adjustments. Twitter fired two executives and put a recruiting restriction in place on Thursday.

Musk's revelation on Friday adds another chapter to a long and peculiar acquisition process that began in early April, when it was disclosed that he had purchased a significant stake in Twitter.

However, both the circumstances around Twitter and the broader technology industry have evolved since then. Musk initially agreed to join Twitter's board of directors, but then changed his mind and launched a takeover, eventually reaching an agreement with the company's board.

Musk has been attracting investors since then, but his personal circumstances have altered as well. Musk is still the world's richest person, according to Bloomberg's Billionaire Index, but his net worth has dropped over 20% (to $56 billion) in 2022, owing in part to a significant drop in the stock price of Tesla, where he is CEO. Some of the money Musk borrowed for the transaction is backed by Tesla stock.
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