Elon Musk says deal for Twitter is 'on hold'

Twitter shares down in premarket trading; Musk adds that he is 'still committed to acquisition.

By Ken Martin | Fox Business

Twitter shares were down in premarket trading after Elon Musk said in a tweet that a deal for the company was temporarily on hold.

Musk Tweeted: "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users".

Later Friday morning, Musk added that he is "still committed to acquisition."

Twitter's board accepted Musk's offer in late April to take the social media giant private at $54.20 per share. Musk, the world's richest man and the chief executive of Tesla Inc., had said that one of his priorities would be to remove "spam bots" from the platform.

The company had earlier this month estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.

It also said it faced several risks until the deal with Musk is closed, including whether advertisers would continue to spend on Twitter.

Twitter did not immediately respond to a request for comment.

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