Elon Musk has halted his plan to purchase Twitter. On Friday, he announced that the planned purchase of Twitter is “temporarily on hold” till details on spam and fake accounts on the social media platform were provided.
Via a tweet, the billionaire shared a Reuters story on how financial filing from Twitter estimated that false or spam accounts made up fewer than 5 percent of the company’s “monetizable daily active users”.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk wrote.
READ MORE: Is the ‘Edit’ Button Finally Here? —What Elon Musk’s Twitter Acquisition Means for Users
Musk had previously set plans in motion to take over the social media company for $44 billion. Before his latest plan to purchase the platform, he owned about 9 percent of Twitter.
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