Twitter shares slump after Elon Musk says takeover on hold

Tesla CEO Elon Musk said in a statement announcing his deal to buy Twitter last month that he wants to defeat spambots, authenticate all people and make its algorithms open source.

Twitter Inc. shares fell after Elon Musk tweeted that his $ 44 billion takeover of Twitter Inc. is “temporarily on ice” due to a report saying that fake accounts contribute less than 5% of its users.

Twitter fell 20% before the market after Musk’s tweet, and Tesla shares rose by about 5%.

Twitter said in an earlier report “that the average of fake accounts or spam accounts in the first quarter of 2022 represented less than 5% of our monthly daily active users in the quarter.”

Musk said in a statement announcing his deal to buy Twitter last month that he wants to defeat spambots, authenticate all people and make its algorithms open source.

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