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Twitter shares plunged 19 per cent as Tesla CEO Elon Musk on Friday tweeted that he was putting the $44 billion twitter deal temporarily on hold till he gets to know how many fake or spam accounts are present on the micro-blogging platform.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users,” Musk said in a tweet to his over 92 million followers.
Musk posted a link to an earlier Reuters story that reported that Twitter estimates spam, and fake accounts comprise less than 5 per cent of users.
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Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
— Elon Musk (@elonmusk) May 13, 2022
Twitter’s share price plunged 19 per cent on the news of the deal being put on hold.
Twitter estimated in a filing earlier this week that false or spam accounts represented fewer than 5 per cent of its monetisable daily active users during the first quarter.
The micro-blogging platform had 229 million users in the first quarter.
Musk has signed a $44 billion deal to take over Twitter, of which he will pay $21 billion from his own pocket while the rest will come as a loan from a consortium of banks.
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