Technology

Elon Musk says Twitter deal on hold pending details on fake accounts; shares sink 11%

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Elon Musk, during an event at SpaceX headquarters in Hawthorne, California, U.S., on Thursday, Oct. 10, 2019.
Bloomberg /Getty

Elon Musk announced Friday that the Twitter deal is on hold until he receives more information about how many fake accounts there are on the platform.

Twitter’s stock plummeted 19% following the announcement.

A spokesperson for Twitter did not immediately respond to a CNBC request for comment.

Musk announced last month that he intends to buy Twitter for $44 billion.

Even before Friday’s announcement, the company’s market cap had fallen to $9 billion beneath the offer price due to concerns about the deal.

This is a breaking news story, please check back later for more.

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