Friday, May 13, 2022
Elon Musk said he is putting his bid to acquire Twitter (TWTR) on hold, weeks after agreeing to take the company private in a $44 billion deal. "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk tweeted on Friday. The news initially sent Twitter shares down more than 20% in premarket trading before the stock rebounded somewhat. Two hours after his first tweet, Musk posted that he is "still committed to acquisition." In his tweet about putting the deal on hold, Musk linked to a May 2 Reuters report about Twitter's most recent disclosure about its spam and fake account problem.
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