Elon Musk’s deal to buy Twitter has been put on hold. The Tesla CEO said that the deal is pending confirmation that spam/fake accounts represent less than 5% of Twitter’s users.
The world’s richest man announced his plans after acquiring Twitter on April 25.
Musk describes himself as a ‘free speech absolutist.’ The latest announcement comes days after Musk tweeted that one of his priorities for Twitter was eliminating spam bots. Shares of Twitter dropped 11 percent after Musk announced that the Twitter deal had been halted, while Tesla stock soared by as much as 4.9%.
The $44-billion offer Musk made to buy Twitter was met with much skepticism, with the company’s board presenting the hostile bid as a threat to its staffing capabilities in a regulatory filing.
Capitol was “morally wrong” and “extremely foolish.”