Elon Musk starts voting with edit button, Twitter CEO Parag Agrawal replies

Twitter transaction temporarily put on hold, tweeted by Elon Musk

Elon Musk said Friday that a $ 44 billion transaction with Twitter was temporarily on hold, citing pending details about spam and fake accounts.

“Twitter transactions have been temporarily suspended, supporting the calculation that spam / fake accounts are actually less than 5% of users,” Musk said in a tweet.

Shares of social media companies fell 20% in pre-market transactions. Twitter did not immediately respond to the request for comment.

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

He said he faced some risks, such as whether advertisers would continue to invest in Twitter until the deal with Musk was signed.