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

Technology

In this article

Elon Musk, during an event at SpaceX headquarters in Hawthorne, California, U.S., on Thursday, Oct. 10, 2019.
Bloomberg /Getty

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.

Articles You May Like

Kane addresses goal drought as he prepares to lead England into World Cup clash with Senegal
Sam Bankman-Fried lobbied for Taylor Swift deal as FTX bled cash and execs urged restraint
Giroud and Mbappe both break records as France reach World Cup quarters
Boxing’s big day: Fury remains king of the ring, but will he stay there? Do we need Estrada-‘Chocolatito’ 4?
Quick Charge Podcast: December 5, 2022