New York (The Times Groupe)- Elon Musk’s acquisition of Twitter may have hit a snag due to spam and fake accounts, the controversial business mogul said Friday.
“Twitter deal on hold pending details supporting the claim that spam/fake accounts represent less than 5% of users,” Musk wrote on his own Twitter account.
The social media company announced earlier this month it estimates that false, spam, and fake accounts account for less than 5% of its total monetizable daily active users, according to a filing with the US Securities and Exchange Commission.
Elon Musk said earlier that after he takes over, he intends to remove spam and bots from the platform.
Tweeter’s stock price plunged almost 22% to $35.18 per share in Friday pre-market hours on the New York Stock Exchange, after closing the previous day at $45.08.
Twitter announced Thursday that two executives would be leaving the company, along with a hiring freeze.
On April 25, Twitter announced that it had accepted Musk’s offer to be purchased for $44 billion.
Musk’s more permissive approach could lead to more harassment, hate speech, and abuse, say some users of the service.
Last week, Musk raised $7.1 billion in funding from a number of investors to purchase the company, including tech giant Oracle’s co-founder Larry Ellison, Saudi investor Prince Alwaleed bin Talal bin Abdulaziz Alsaud, and Binance, the world’s largest cryptocurrency exchange by trading volume.