Elon Musk, the world's richest man, postponed his decision to buy the microblogging site immediately after signing a deal to buy Twitter last April.
Elon Musk announced in April that he would buy the microblogging site for $44 billion, offering Twitter more than $54 per share, and Twitter's directors accepted his offer.
After the offer was accepted by Twitter directors, a purchase agreement was reached between Elon Musk and Twitter, but not all ownership rights were transferred to Elon Musk.
Now, he has formally avoided buying Twitter, postponing the decision to buy it temporarily but indefinitely. Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
Elon Musk shared a Reuters report in his May 13 tweet announcing that he had temporarily postponed the purchase of the microblogging site indefinitely.
Explaining the reason for canceling the instant purchase, he said that he believed that there should be an authentic count of fake accounts on Twitter and it should be clear how many fake accounts there are.
He also made it clear in another tweet that he was still interested in buying Twitter and would buy it.
Elon Musk shared a link to a Reuters report stating that the number of active Twitter users is close to 230 million, of which at least 5% are fake accounts. Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
Earlier, Elon Musk, while offering a hefty purchase to Twitter, reiterated his commitment to eliminating fake accounts from micro-blogging sites.
Elon Musk also tweeted in support of former US President Donald Trump in another tweet, saying he believed Trump's account should be restored and that he was not supporting him for the 2024 presidential election.
Elon Musk's share price plummeted to less than $37 a share after Twitter's immediate acquisition of Twitter was postponed indefinitely.
Even though I think a less divisive candidate would be better in 2024, I still think Trump should be restored to Twitter
— Elon Musk (@elonmusk) May 12, 2022
