On Friday Elon Musk said, his $44-billion acquisition of Twitter Inc temporarily placed on hold, citing pending details on spam and fake accounts.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” said Musk in a tweet.
With the news reaching the market, Twitter’s shares fell by 20% in premarket trading.
Twitter did not immediately respond to requests for comments.
Earlier this month Twitter had estimated that fake or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.
Twitter faces several risks until the deal with Musk is closed, including whether advertisers would continue to spend on Twitter.
Musk had said one of his priorities would be to remove “spam bots” from the social media platform.