Elon Musk Twitter Deal: Elon Musk has acquired Twitter in a $44 billion cash deal.
Washington:
Twitter shares fell about 20 percent in pre-market trading Friday after billionaire Elon Musk stated that the microblogging site’s $44 billion takeover offer is on hold.
Musk tweeted that the Twitter Inc acquisition is temporarily on hold due to the calculation of fake accounts in it.
“Twitter deal temporarily suspended pending details to support calculation that spam/fake accounts indeed represent less than 5 percent of users,” Musk tweeted in a media release.
Musk’s announcement came before the opening of trading on the US exchanges.
During pre-market trading, Twitter Inc’s share price crashed to $37.10, which is 17.7 percent lower than the previous day’s closing price.
Musk said earlier this week that Twitter’s decision to ban former US President Donald Trump was a mistake and that he would reverse it if his takeover of the social media company is successful.
Twitter recently approved Musk’s acquisition in a $44 billion deal, though it’s still subject to shareholder approval.
