Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Da

Musk puts on hold $44-billion deal for Twitter, shares slump

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2022-05-13 10:30:09

Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration

May 13 (Reuters) - Elon Musk on Friday put his $44-billion deal for Twitter Inc (TWTR.N) temporarily on hold, citing pending details in support of calculation that spam and fake accounts indeed represent less than 5% of users.

Shares of the social media company fell 17.7% to $37.10 in premarket trading, their lowest level since Musk disclosed his stake in the company in early April and subsequently made a "best and final" offer to take it private for $54.20 per share.

The implied probability of the deal closing at the agreed price fell below 50% for the first time on Tuesday, when Twitter shares dropped below $46.75. read more

Twitter had earlier this month estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter, when it recorded 229 million users who were served advertising.

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