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Elon Musk says Twitter deal 'temporarily on hold' over report about fake accounts

NBC News logo NBC News 5/13/2022 Jason Abbruzzese
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Another twist in the Twitter deal.

Elon Musk said early Friday morning that his deal to buy the social media company was "temporarily on hold" over a report over fake accounts on the platform.

It was not immediately clear based off Musk's tweet if any official steps had been taken to halt the acquisition, which was agreed on in late April with a price tag of about $44 billion. Twitter's value, calculated based on its stock price, has dropped in recent weeks along with a broader decline in tech stocks.

Twitter was worth about $35 billion as off Friday morning. Right after Musk's tweet, the price of Twitter's stock plunged more than 18 percent.


Video: Elon Musk says Twitter deal temporarily on hold (CNBC)

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Musk did not immediately respond to questions via Twitter about any steps taken to halt the deal.

Musk's tweet including a link to a Reuters article from May 2 on Twitter's public filings, in which the company said fake or spam accounts only accounted for about 5 percent of its overall user base. Musk has made cracking down on fake accounts a major part of his reasoning for buying the company.

Twitter currently counts about 229 million users.

The Friday announcent from Musk adds another chapter to what has already been a winding and strange acquisition process.

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