Elon Musk put his $44 billion bid for Twitter on hold on Friday.
Since the announcement of the agreement on April 14, Twitter stock has routinely traded below Musk’s offer price of $54.20 per share, knocking $2 billion off the company’s market valuation.
Meanwhile Musk Tweeted on Friday “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”
The 5% statistic Musk mentioned came from Twitter’s first-quarter financial report, which was posted only days after the business agreed to be acquired.
Musk has stated that as part of his effort to improve Twitter, he intends to eliminate spam and automated bots.
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