Twitter Acquisition Deal Temporarily Suspended, Musk Says

The world's richest person, Elon Musk, who is in the process of acquiring Twitter, announced on Friday that the deal to purchase the company is on hold as he awaits confirmation of the data regarding the number of fake accounts on the social media platform, according to BBC.

"The Twitter acquisition deal is temporarily on hold because we are waiting for data that shows fake accounts represent less than 5% of users," Musk stated in his post.

On April 25, Twitter's management announced that Musk would acquire the company for $44 billion. According to the U.S. Securities and Exchange Commission, if the billionaire decides to terminate the agreement, he must pay the company a $1 billion penalty. If Twitter initiates the termination, Musk will receive compensation.

The deadline for closing the deal has been set for October 24, 2022.