Elon Musk Puts Twitter Deal 'On Hold,' Stock Plummets 15% in Pre-Market Trading

Twitter claimed in a recent filing that less than five percent of its daily active users were fake or spam accounts, now Musk appears to want to confirm this claim, which is lower than most estimates.“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said in a tweet.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, 2022Twitter shares immediately began to crater in premarket trading, falling by over 15 percent from $45.08 per share at previous close to $38.76 as of 7:30 EDT.Musk added that he is “still committed to the acquisition.”Still committed to acquisition— Elon Musk (@elonmusk) May 13, 2022Breitbart News recently reported that the SEC has launched an investigation into Elon Musk’s late disclosure of his large stake in Twitter last month, a delay that allowed him to purchase more stock without alerting other Twitter shareholders to his ownership.The SEC is reportedly probing Musk’s late submission of a public form that investors must file when they purchase more than five percent of a company’s shares.