Elon Musk puts $44 billion Twitter deal 'temporarily on hold'

Elon Musk puts $44 billion Twitter deal 'temporarily on hold'

The world's richest man, Elon Musk has put his deal to buy Twitter on hold, albeit temporarily.

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The Tesla CEO took to Twitter early Friday, May 13 to announce that he is pressing pause on his $44 billion-takeover of the social media platform.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," he wrote

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Elon Musk puts $44 billion Twitter deal 'temporarily on hold'

The early morning tweet sent Twitter stock tumbling about 23% in pre-market trading while shares of Musk's Tesla Inc. climbed about 5%.

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