Musk Tweets That Twitter Deal Is on Hold--Update

Dow Jones2022-05-13

By Michael Wright

 

Elon Musk said his deal to buy Twitter Inc. was on hold pending details on the amount of fake accounts on the social-media platform, prompting a sharp slide in the company's shares in premarket trade.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Mr. Musk said in a tweet early Friday. He linked to a May 2 Reuters report about a recent Twitter securities filing with those statistics.

Twitter shares fell nearly 20% in premarket trade.

Mr. Musk, who had a $44 billion offer to buy Twitter accepted last month, had said he plans to bring a more hands-off approach on speech moderation to a company that has struggled to reconcile freewheeling conversations with content that appeals to advertisers.

Write to Michael Wright at michael.wright@wsj.com

 

$(END)$ Dow Jones Newswires

May 13, 2022 06:21 ET (10:21 GMT)

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