Elon Musk suspends $44 billion acquisition of Twitter

World’s richest man, Elon Musk has suspended his $44 billion acquisition of the micro-blogging services, Twitter to resolve certain issues.

Musk Tweeted on Friday that the Twitter deal has been put on hold temporarily pending details supporting calculation that span/fake accounts represented less than five percent of users.

He tweeted: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

He later tweeted that he was still committed to the acquisition of Twitter.

Twitter had on May 2, 2022 estimated in a filing that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.

The social media company had 229 million users who were served advertising in the first quarter.

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 “spam bots” from the platform.