Elon Musk says Twitter deal on hold pending details on fake accounts; shares sink 11%

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Elon Musk, during an event at SpaceX headquarters in Hawthorne, California, U.S., on Thursday, Oct. 10, 2019.
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Elon Musk announced Friday that the Twitter deal is on hold until he receives more information about how many fake accounts there are on the platform.

Twitter’s stock plummeted 19% following the announcement.

A spokesperson for Twitter did not immediately respond to a CNBC request for comment.

Musk announced last month that he intends to buy Twitter for $44 billion.

Even before Friday’s announcement, the company’s market cap had fallen to $9 billion beneath the offer price due to concerns about the deal.

This is a breaking news story, please check back later for more.

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