Musk says 'still committed' to buy Twitter moments after putting deal on hold

It's a rollercoaster ride! Just moments after announcing of putting the $44 billion Twitter buyout deal on hold temporarily over certain pending details, Tesla CEO Elon Musk has stated that he is "still committed" to acquiring the micro-blogging platform.  

"Still committed to acquisition," replied Musk to his earlier tweet.

Earlier today, Musk had announced that he had put the $44 billion Twitter deal on hold temporarily. Musk explained that the deal has been put on hold over pending details supporting the calculation that spam and fake accounts represent less than 5 per cent of Twitter users.

Taking to Twitter, the billionaire posted, "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users," while quote tweeting a report about the same

Reuters had on May 2 reported that Twitter estimated in a filing that false or spam accounts represented fewer than 5 per cent of its monetisable daily active users during the first quarter.

Shares of the social media company fell 20 per cent in premarket trading after the announcement, according to Reuters.

Twitter in its earlier filing had also said it faced several risks until the deal with Musk is closed, including whether advertisers would continue to spend on Twitter.

The micro-blogging site has 229 million users who were served advertising in the first quarter, it said.

Musk, the world's richest man, has been advocating through several tweets of late that one of his priorities would be to remove "spam bots" from the platform.

Also read: Elon Musk says Twitter deal is on hold at 3AM Pacific Time: What the hell is going on

Also read: Elon Musk says Twitter deal temporarily on hold; here's why