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Elon Musk puts Twitter deal 'Temporarily on Hold'

2022-05-13 17:38 by


Elon Musk announced Friday that his Twitter deal is on hold until he receives more information about how many fake accounts there are on the social media platform.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk tweeted. However, in a follow-up tweet, he added that he's "still committed to [the] acquisition," suggesting that it'll proceed after Twitter provides satisfactory information on its numbers.

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.

Musk, who is expected to serve as Twitter's temporary CEO if the deal goes ahead, would have to pay a $1 billion breakup fee should he choose to walk away. Musk is worth more than $220 billion.

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