Twitter: Elon Musk says the deal to buy a social media company is temporarily suspended

Shares on Twitter plummeted after Elon Musk said he was putting a temporary hold on his controversial plan to buy the social media company.

Elon Musk said Friday that he would temporarily end his long-awaited Twitter purchase deal, causing the social media giant’s stock to plummet.

“The Twitter deal is temporarily suspended pending details to support the calculation that spam / fake accounts actually represent less than 5% of users,” he wrote on Twitter.

Musk, the richest man in the world and founder of the automaker Tesla, has made eliminating spam accounts and bots one of the focuses of his $ 44 billion (A $ 64 billion) Twitter acquisition proposal.

When the deal was announced in late April, he said he wanted to make Twitter “better than ever” by “defeating spam bots and authenticating all humans.”

But his potential management of the social media platform has taken several hits since then.

On Wednesday, Musk said he would be willing to lift the ban on former President Donald Trump imposed after the attack on the United States Capitol on January 6, 2021.

Activist groups had called on advertisers to boycott the platform if Mr. Musk opened the doors to offensive and misinformative posts.

Friday’s announcement saw shares drop 20% in early electronic trading prior to the opening of Wall Street.

Originally published as Elon Musk says Twitter purchase deal is “temporarily suspended”