Isobel Asher Hamilton

Elon Musk <a href="https://twitter.com/elonmusk/status/1525049369552048129?s=21&amp;t=w_auv3MZ_75sGHSHHssOYg">tweeted</a> early Friday morning to say that his proposed $44 billion acquisition of Twitter is "temporarily on hold."

Musk included a ten-day old <a href="https://www.reuters.com/technology/twitter-estimates-spam-fake-accounts-represent-less-than-5-users-filing-2022-05-02/">Reuters</a> article in his tweet, which reported that Twitter had said in a regulatory filing that fake or spam accounts represented less than 5% of its user base.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk tweeted.

A little over two hours later Musk <a href="https://twitter.com/elonmusk/status/1525080945274998785">tweeted</a> again saying: "Still committed to acquisition."

It's not clear from Musk's initial tweet what part of the report concerns him or why it would result in him putting the deal on hold. <a href="https://www.businessinsider.com/elon-musk-twitter-deal-extra-7-billion-backing-saudi-prince-2022-5?r=US&amp;IR=T">Musk recently secured an extra $7 billion in backing</a> for the deal.

Musk has stated publicly that <a href="https://www.businessinsider.com/what-will-elon-musk-change-about-twitter-2022-4?r=US&amp;IR=T">tackling spam bots on Twitter</a> would be one of his priorities if he successfully acquires the company.

Musk's tweet sent <a href="https://markets.businessinsider.com/news/stocks/twitter-stock-price-elon-musk-deal-on-hold-fake-accounts-2022-5">Twitter stock tumbling as much as 25%</a> in premarket trading.

Wedbush analyst Dan Ives said in a note sent to Insider: "Many will view this as Musk using this Twitter filing/spam accounts as a way to get out of this deal in a vastly changing market."

Shares in Musk's electric vehicle company Tesla have fallen around 25% since Musk announced his plans to buy Twitter. Tesla stock rose more than 5% after Musk announced the deal was on hold.

Ives said the fact Musk revealed he was putting the deal on hold with a tweet rather than a regulatory filing was "troubling" and had the effect of turning the Twitter deal into a "circus show."

Twitter did not immediately respond to the news when contacted by Insider.

This is a developing story...

Twitter is holding an AMA with new board member, Elon Musk.

Elon Musk tweeted to say that his Twitter deal is 'temporarily on hold'

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Isobel Asher Hamilton

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Elon Musk tweeted to say that his Twitter deal is 'temporarily on hold'