More On: Twitter
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 usershttps://t.co/Y2t0QMuuyn— Elon Musk (@elonmusk) May 13, 2022
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.
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.