Twitter: Elon Musk takeover temporarily suspended

Elon Musk has decided to block his $44 billion acquisition project.

In early May, Twitter estimated that fake or spam accounts accounted for less than 5% of monetized daily active users. Pending details to back up these numbers, multimillionaire Elon Musk has temporarily put on hold his acquisition of the Blue Bird social network. Note that he will have to pay a one billion dollar fee if he exits.

Shares of Twitter fell 17.7% to $37.10 in premarket trading, the lowest level since Elon Musk announced his stake in the US company last April and then made a “best and final”buyout offer. her at $54.20 per share. The implied probability of closing the deal at the agreed-upon price fell below 50% for the first time on Tuesday, as Twitter shares plunged below $46.75.

Elon Musk has ambitions to revolutionize Twitter

Elon Musk, a self-proclaimed free speech absolutist, said one of his priorities would be to remove “spambots”from the platform. The CEO of Tesla and SpaceX has often been critical of Twitter’s moderation policies. He said he wants the social network’s algorithm to prioritize public tweets and was opposed to companies that advertise having too much power.

Earlier this week, Elon Musk said he would reconsider former U.S. President Donald Trump’s ban on Twitter when he officially takes over Twitter, signaling his intention to reduce the degree of moderation. The social network said it faced a number of risks ahead of the completion of the Elon Musk deal, including whether advertisers will continue to spend funds amid potential uncertainty about future changes.