Elon Musk’s Twitter deal is suspended

Elon Musk announced that his Twitter bid is temporarily suspended to confirm that spam and fake accounts represent less than 5% of users.

The South African billionaire revealed the development on Twitter, in response to a Reuters relationship on the platform’s estimates of fake and spam accounts.

According to the report, Twitter included its estimate in a document filed Monday.

The filing stated that Twitter faced several risks until the deal was closed, including whether advertisers would continue to spend on Twitter and “potential uncertainty regarding our future plans and strategies.”

Twitter plunged 20% before the market after Musk’s tweet, and Tesla’s shares were up about 5%.

Musk said in a statement announcing his Twitter purchase deal last month that he wants to defeat spam bots, authenticate all humans, and make his algorithms open source.

Reportage with Bloomberg.

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