Twitter deal temporarily on hold, says Elon Musk

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"The deal to acquire Twitter, which was announced last month, has been "temporarily put on hold", Tesla CEO Elon Musk said on May 13."

"The deal has been halted till it is ascertained whether spam or fake accounts represent less than five percent of the microblogging site's total userbase, said Musk"

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users (sic)," Musk tweeted.

"Twitter had informed the stock exchanges on May 2 that the fake or spam accounts on its platform represent less than 5 percent of its monetisable daily active users during the first quarter."

"The social media company had 229 million users who were served advertising in the January-March quarter."

"The disclosure came days after Musk, shortly after sealing the deal to acquire Twitter, said that one of his priorities would be to remove "spam bots" from the platform."

"Musk's deal to buy Twitter, even if it sails through, is expected to take months to come to fruition as the billionaire needs to secure the finances."

"He has raised $13 billion in loans secured against Twitter and a $12.5 billion margin loan tied to his own Tesla Inc stock."

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