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Elon Musk tweeted to say that his Twitter deal is ‘temporarily on hold’

Elon Musk tweeted to say that his Twitter deal is 'temporarily on hold'

Musk included a ten-day old Reuters article in his tweet, which reported that Twitter had said in a regulatory filing that fake or spam accounts represented less than 5% of its user base.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted.

A little over two hours later Musk tweeted again saying: “Still committed to acquisition.”

Wedbush analyst Dan Ives said in a note sent to Insider: “Many will view this as Musk using this Twitter filing/spam accounts as a way to get out of this deal in a vastly changing market.”

Shares in Musk’s electric vehicle company Tesla have fallen around 25% since Musk announced his plans to buy Twitter. Tesla stock rose more than 5% after Musk announced the deal was on hold.

Ives said the fact Musk revealed he was putting the deal on hold with a tweet rather than a regulatory filing was “troubling” and had the effect of turning the Twitter deal into a “circus show.”

Twitter did not immediately respond to the news when contacted by Insider.

This is a developing story…

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