Twitter deal put on hold over fake account details

The Chief Executive Officer of Tesla Elon Musk

informed that his deal, worth $44bn (£35bn) to acquire the popular microblogging platform, Twitter is on hold. It has been put on hold after he enquired about the number of fake or spam accounts on the social media platform.

He further told that he was waiting for information "supporting [the] calculation that spam/fake accounts do indeed represent less than 5% of users". Elon Musk further said that he was "still committed to [the] acquisition".

On the other hand, some reports indicate that analysts have speculated Musk could be looking to renegotiate the price or even walk away from the takeover. After Musk’s tweets, the share price of the social media company declined by 10% in morning trade in New York.

A tech analyst at investment firm Wedbush Securities, Dan Ives, said Mr. Musk's comments would "send this Twitter circus show into a Friday the 13th horror show. 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.”