Elon Musk said he has put his offer to acquire Twitter on hold , weeks after reaching a deal to buy the company for $44 billion.
“The Twitter deal is temporarily on hold pending details supporting the estimate that spam/fake accounts represent less than 5% of users,” Musk tweeted on Friday.
The news sent shares of Twitter down more than 20% in premarket trading.
In his tweet, Musk linked to a Reuters report that said Twitter had revealed in a presentation on Monday that fake or spam accounts accounted for less than 5% of the social network’s monetizable daily active users during the first quarter.
Musk had offered few details about his plans for the social media company, though he has often spoken out about bot accounts promoting spammy content. He also says that the company has too quickly removed accounts that violate its content moderation rules.
Even though Musk has worked to secure financing for the acquisition, speculation about whether the deal would go through has been swirling since Twitter’s board of directors accepted the offer on April 26.
On Tuesday, Musk made headlines by saying he would allow former President Donald Trump back on Twitter once the takeover is complete. Trump’s account was permanently deleted after his supporters attacked the US Capitol on January 6, 2021.