Musk Says $44 Billion Twitter Deal on Hold

Musk said on Friday his $44-billion acquisition of Twitter was temporarily on hold, citing pending details on spam and fake accounts.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 percent of users," he said in a tweet.

Earlier this month, the company estimated that false or spam accounts accounted for less than 5% of its monetisable daily active users in the first quarter.

It also stated that until the deal with Musk is finalized, it faces several risks, including whether advertisers will continue to spend money on Twitter.

Musk, the world's richest man and the CEO of Tesla, had stated that removing "spam bots" from the platform would be one of his top priorities.

The social media company's stock dropped 20% in premarket trading.