May 13, 2022

Elon Musk is putting his bid to acquire twitter on hold.

Tech billionaire revealed that Twitter bid is temporarily on hold pending some details regarding spam/fake accounts.

Twitter disclosed in a filing that fake or spam accounts represent fewer than 5% of Twitter's monetizable daily active users.

Tesla CEO so far has secured $25.5 billion of financing for the Twitter deal. Binance is among the several other backers. 

Musk had earlier proposed how he would tackle Twitter bots. Mark Cuban had suggested using Dogecoin to defeat bots, to which Musk agreed.

The news of Musk hatling Twitter deal sent the company’s stock prices down by 20% in pre market. 

Musk later tweeted that he is still committed to acquire twitter nonetheless. 

Musk recently made headlines when he said he would reverse Trump’s permanent Twitter ban.