Elon Musk said his acquisition of Twitter for about $44 billion is temporarily on hold pending details on the amount of fake accounts on 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,” the billionaire businessman wrote on Twitter on Friday.
However, Mr Musk later said on Twitter on Friday that he is still "committed to acquisition" of the microblogging website.
The share price of Twitter fell more than 18 per cent in pre-market trading to $36.80 a share in the US.
In a filing on Monday, Twitter said false or spam accounts represented fewer than 5 per cent of its monetisable daily active users during the first quarter. The San Francisco-based social media company said it had 229 million users who were served advertising in the first quarter.
The disclosure came after Mr Musk, who is the founder and chief executive of electric vehicle maker Tesla and rocket company SpaceX, tweeted that one of his priorities would be to remove spam bots from the platform.
Last month, Twitter entered a definitive agreement to be acquired by an entity wholly owned by Mr Musk, for $54.20 a share in cash.
Upon completion of the transaction, which was expected by the end of this year, Twitter would become a privately-held company.
If Mr Musk decides to abandon the agreement he would have to pay the social media company a $1bn break-up fee.
Mr Musk sold about $8.5bn worth of his shares in Tesla to fund part of his buyout of Twitter. He has secured more than $7.1bn in new equity funding from a group of investors to help finance his $44bn acquisition of Twitter.
Eighteen investors have made commitments ranging from $850,000 to $1bn to help Mr Musk finance this deal, according to a regulatory filing at the US Securities and Exchange Commission.
He said he has received equity commitment letters from various investors, including Sequoia Capital, Binance, Litani Ventures, Qatar Holdings, Vy Capital, Key Wealth advisers, Honeycomb Asset Management and Brookfield. This also includes a $1bn contribution from Larry Ellison, founder of Texas-based technology company Oracle.
Last month, Twitter reported a surge in first-quarter net income to $513.3 million, from $68m in the same period in 2021, days after it agreed to be sold to Mr Musk.
The billionaire may take Twitter public again after he finalises the acquisition to buy it, The Wall Street Journal reported last week.
Mr Musk may list Twitter as soon as three years after buying it, the newspaper reported, citing people familiar with the matter.
UAE currency: the story behind the money in your pockets
England XI for second Test
Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Race results:
1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min
2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec
3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec
UAE currency: the story behind the money in your pockets
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
The five pillars of Islam
More on Quran memorisation:
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments