Elon Musk has placed the Twitter acquisition on hold due to bogus account information.
Elon musk has put his $44 billion (£35 billion) proposal to buy Twitter on hold, citing concerns over the amount of bogus or spam accounts on the platform.
He stated that he was awaiting facts “to support [the] calculation that spam/fake accounts do indeed comprise less than 5% of users.”
Later, Mr Musk said he was “still committed to [the] transaction.”
Analysts believed that he may be attempting to renegotiate the price or perhaps walk away from the acquisition.
Mr Musk’s remarks sent Twitter’s stock price tumbling 10% in New York morning session.
According to Elon Musk in a tweet on his tweeter handle, he wrote that ”Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”
Elon Musk has urged for a rethink of Twitter’s moderation practices, which he believes are a threat to free speech.
Mr Musk has been tweeting about how he wants Twitter to alter under his ownership since the board of directors approved his buyout proposal earlier this week.
“For Twitter to earn public trust, it must remain politically neutral, which basically means offending both the far right and the far left equally,” he tweeted on Wednesday.