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$44 billion deal put put on hold


Elon Musk said on Friday his $US44-billion deal for Twitter was temporarily on hold, citing pending details on spam and fake accounts.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said in a tweet.

Twitter deal on hold: Elon Musk.Credit:AP

Shares of the social media company fell 20 per cent in premarket trading. Twitter did not immediately respond to a request for comment.

The company had earlier this month estimated that false or spamaccounts represented fewer than 5 per cent of its monetisable daily active users during the first quarter.

It also said it faced several risks until the deal with Musk is closed, including whether advertisers would continue to spend on Twitter.

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Musk, the world’s richest man and a self-proclaimed free speech absolutist, had said that one of his priorities would be to remove “spam bots” from the platform.

The social media company had said it faced several risks until the deal with Musk was closed, including whether advertisers would continue to spend on Twitter amid “potential uncertainty regarding future plans and strategy.”

Musk has been critical of Twitter’s moderation policy. He has said he wants Twitter’s algorithm to prioritise tweets to be public and was against too much power on the service to corporations that advertise.

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