Elon Musk puts $44 billion Twitter deal ‘temporarily on hold’

The world’s richest man, Elon Musk has put his deal to buy Twitter on hold, albeit temporarily.

The Tesla CEO took to Twitter early Friday, May 13 to announce that he is pressing pause on his $44 billion-takeover of 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,” he wrote

The early morning tweet sent Twitter stock tumbling about 23% in pre-market trading while shares of Musk’s Tesla Inc. climbed about 5%.