Twitter shares plunged after Elon Musk announced on Friday that the deal to acquire the social media company had been put on hold for a short period.
In the meantime, he wrote on Twitter, “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”
In his proposed $44 billion takeovers of Twitter, Tesla founder and billionaire Elon Musk had made the eradication of spam accounts and bots a key component.
It was announced in late April that he wanted to make Twitter “better than ever” by ‘defeating the spam bots and authenticating all humans.’
However, since then, there have been several roadblocks in his path as a potential leader of the social media platform.
After January 6, 2021, attack on the US Capitol, Tesla CEO Elon Musk said he was open to lifting a ban on former President Trump.
Protest groups had urged advertisers to boycott the platform if Musk opened the door to abusive and misinformed posts.
After Friday’s announcement, shares fell by 20 percent in early electronic trading before Wall Street had even opened its doors for business.
