'Still committed to acquisition,' says Elon Musk after Twitter deal 'put on hold'

Amid sinking shares and controversies, the Tesla CEO had earlier announced that the Twitter buyout deal is on hold due to pending details on spam and fake accounts.

FPJ Web DeskUpdated: Friday, May 13, 2022, 06:14 PM IST
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Elon Musk | Photo: Twitter Image

Elon Musk Friday said that he was still committed to buying social media giant Twitter, hours after tweeting that he was putting the deal on hold.

“Still committed to acquisition,” the billionaire said in another Tweet on Friday.

Almost hours after Musk tweeted about temporarily "putting on hold" the $44 billion Twitter deal, the Tesla CEO clarified that he is still committed to the acquisition.

Amid sinking shares and controversies, the Tesla CEO had earlier announced that the Twitter buyout deal is on hold due to pending details on spam and fake accounts.

The disclosure came days after Tesla Inc Chief Executive Elon Musk, who has inked a deal to buy Twitter for $44 billion, tweeted that one of his priorities would be to remove "spambots" from the platform.

Shares of the social media company fell 20 percent in premarket trading.

The company had earlier this month estimated that false or spam accounts represented fewer than 5 percent of its monetizable daily active users during the first quarter, Reuters said.

Shares of Tesla and Twitter have tumbled this week as investors deal with the fallout and potential legal issues surrounding Tesla CEO Elon Musk and his $44 billion bid to buy the social media platform.

Of the two, Musk's electric vehicle company has fared worse, with its stock down almost 16 percent so far this week to $728. Twitter shares fell 9.5 percent for the week, closing Thursday at $45.08. Both stocks have taken a bigger hit than the S&P 500, which is down 4.7 percent for the week.

Musk and Twitter reached a deal late last month for the billionaire Tesla and SpaceX founder reached a deal to acquire the influential social media platform for around $44 billion.

(with sources inputs)

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