Elon Musk put his bid to buy Twitter on hold in order to confirm that fake accounts indeed make up less than 5% of monetizable daily active users on the platform during the first quarter.
The social media company had 229 million users who were served advertising in the first quarter.
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
— Elon Musk (@elonmusk) May 13, 2022
Musk agreed to buy Twitter for about $44 billion last month and as of this morning, Twitter was worth about $35 billion dollars.
Right after Musk’s tweet, the price of Twitter’s stock plunged more than 25 percent.