Twitter Shares Drop 19% as Elon Musk Says $44B Acquisition Deal ‘Temporarily on Hold’

Twitter stock has plummeted more than 19% premarket after Elon Musk said that his $44 billion acquisition of the platform would be put “temporarily on hold.”

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” he tweeted today, citing a May 2 report from Reuters regarding estimated bot activity on the social media platform.

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Eliminating spam and bot activity was one of the primary objectives for the SpaceX and Tesla chief when discussing his ambitions for Twitter. He also said that he plans to make Twitter’s code open-source on GitHub and add an edit feature, among other ideas.

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