Elon Musk halted his purchase on Twitter as he awaits data on the number of spam accounts on the platform.
Elon Musk has been keeping the crypto community on its toes in recent weeks with his announced purchase of Twitter.
After he renounced his post on the board of Twitter, Musk seemingly completed a deal for $44 billion for the platform at $54.20 per share. However, despite the purchase being all but agreed upon, Musk has suffered setbacks, meaning the deal is yet to be officially completed.
Musk now tweeted that he is putting the deal "temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," citing a Reuters article:
The company's stock took a hit in pre-market hours trading, declining 20% on the news.
Musk previously announced ambitious plans for the platform, which included a subscription service to Twitter and a possibly ad-free version of the platform. That would be in line with his promise to defeat spam bots, which have plagued Twitter's users and are having an adverse impact on the user experience.
However, doubts on Wall Street remain as to whether Musk can actually pull the deal off. Although the billionaire disclosed equity commitments from investors like Larry Ellison, Sequoia Capital, Qatar Holding and Saudi Prince Alwaleed bin Talal, the spread of the deal widened to over $9 following the temporary suspension of its completion.
Undoubtedly, the last word chapter in this saga has not yet been written.
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