Elon Musk said on Friday his $44-billion acquisition of Twitter Inc was temporarily on hold, citing 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," he said in a tweet.
Shares of the social media company fell 17% in premarket trading.
Shares of Tesla and Twitter have tumbled this week as investors deal with the fallout and potential legal issues surrounding Tesla CEO Elon Musk and his $44 billion bid to buy the social media platform. Of the two, Musk's electric vehicle company has fared worse, with its stock down almost 16% so far this week to $728. Twitter shares fell 9.5% for the week, closing Thursday at $45.08.
Both stocks have taken a bigger hit than the S&P 500, which is down 4.7% for the week.
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," he said in a tweet.
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent… https://t.co/Cx5mfKtKVi
— Elon Musk (@elonmusk) 1652435078000Shares of the social media company fell 17% in premarket trading.
Shares of Tesla and Twitter have tumbled this week as investors deal with the fallout and potential legal issues surrounding Tesla CEO Elon Musk and his $44 billion bid to buy the social media platform. Of the two, Musk's electric vehicle company has fared worse, with its stock down almost 16% so far this week to $728. Twitter shares fell 9.5% for the week, closing Thursday at $45.08.
Both stocks have taken a bigger hit than the S&P 500, which is down 4.7% for the week.
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