Twitter Deal with Elon Musk Put on Hold

Elon Musk’s deal with Twitter has been paused. In a Tweet yesterday, Musk announced that the deal is on hold pending ‘details supporting calculation that spam and fake accounts do indeed represent less than 5% of users.’ Twitter’s board accepted Musk’s offer last month to take the social media company private at $54.20 per share. Musk said one of his priorities would be to remove ‘spam bots’ from the platform. Earlier this month, Twitter estimated that the accounts represented fewer than 5% of it’s monetizable daily active users during the first quarter. The company also said it’s facing several risks including whether advertisers would continue to spend on Twitter once Musk’s deal is closed.