Twitter deal temporarily on hold, tweets Elon Musk
Tech mogul Elon Musk on Friday informed that the billion deal to buy Twitter is temporarily on hold as he cited 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% of users," the world's richest man said in a tweet.
His tweet came days after Twitter estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter of 2022. The billionaire had also tweeted before the estimate that one of his priorities would be to remove "spam bots" from the microblogging platform.
Musk, who also runs the electric car company Tesla, as well as SpaceX and other ventures, says he plans to take Twitter private. If he does, the company will no longer be beholden to shareholders or publicly report its financial results, which have been mixed at best since the company went public in 2013.
Twitter has struggled to consistently post profits as a public company while generating lackluster revenue growth compared to the two dominant forces in digital advertising, Google and Facebook.
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