On May 13, 2022, Elon Musk announced the suspension of the deal to buy Twitter. He is waiting for the results of checking the number of fake accounts on the social network.
"The Twitter deal is on hold pending details confirming that spam and fake accounts are indeed less than 5% of all user accounts," Musk tweeted.
Following the announcement, Twitter shares fell 21% in pre-trade.
An analyst at Hargreaves Lansdown, in a Reuters commentary, called Musk’s actions "part of a strategy to lower the deal price."
Earlier in April 2022
On April 25, Twitter announced that it had accepted Elon Musk’s offer to sell the company to a private individual for $44 billion. The deal should be completed before the end of the year. Musk has previously stated that one of his priorities will be to remove spambots from the platform.
After that, Twitter CEO Parag Agrawal told employees that he did not yet have an understanding on the development of the microblogging platform after the sale of the company to Musk.
On April 26, Twitter founder and former CEO Jack Dorsey said he was happy to sell the company to Elon Musk. Twitter, according to Dorsey, "in principle should not be a company, but a public good, and Elon is the only one who is best suited to solve this problem." Dorsey also said that he trusts Musk.