United States’ philanthropist and Tesla CEO, Elon Musk, disclosed in a tweet on Friday that he has suspended his $44 billion Twitter takeover.
Musk announced that he needed to resolve concerns over the number of fake or spam accounts on the platform.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users,” he said.
His tweet contained a link to a May 2 Reuters article on Twitter’s public filings, in which the company said fake or spam accounts only accounted for about 5 per cent of its overall user base.
“Twitter Inc estimated in a filing on Monday that false or spam accounts represented fewer than 5 per cent of its monetizable daily active users during the first quarter,” the Reuters article said.
Musk currently owns 73,486,938 shares of Twitter, which represents a 9.2 per cent stake in the company, according to the US Securities and Exchange Commission (SEC)13G filing.