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Elon Musk announces that his offer to take over the Twitter network is temporarily suspended. What is the cause

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“The Twitter deal is temporarily pending, awaiting details that support the calculation that spam / fake accounts actually account for less than 5% of users,” Musk wrote on Twitter.

The news caused Twitter shares to fall by more than 20% in pre-market transactions.

In his tweet, Musk linked to a Reuters report that said on Monday that Twitter had revealed in a file that those fake accounts or spam accounted for less than 5% of Twitter’s daily monetizable active users in the first quarter.

The world’s richest man and chief executive of Tesla Inc. had said that if he bought Twitter, he would make removing “spam bots” from the platform one of his priorities.

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Although Musk has been working to secure funding for the takeover, speculation about the deal has been twisted since Twitter’s board accepted the offer on April 26th.

On Tuesday, Musk took the headlines after announcing that he would allow former President Donald Trump to return to Twitter once the takeover was complete. Trump’s account was permanently removed after his followers attacked the US Capitol on January 6, 2021.

The company had estimated earlier this month that those fake or spam accounts accounted for less than 5% of its daily active users in the first quarter. He also said that he faces several risks until the agreement with the founder of SpaceX is concluded, including whether advertisers will continue to spend on Twitter.

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On April 25, Twitter management agreed to sell the social network to Elon Musk. “Free speech is the cornerstone of democracy and Twitter is the digital marketplace where vital issues for the future of humanity are being debated,” Musk said in a statement.

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