Twitter Stock Plunges as Elon Musk Says Deal ‘Temporarily on Hold’

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Alastair Pike / AFP via Getty Images

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A tweet from Tesla CEO Elon Musk sent Twitter shares sharply lower.

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The Tesla (ticker: TSLA) CEO said Friday the Twitter (TWTR) deal was “temporarily on hold” pending a calculation related to the number of fake accounts on Twitter.

Musk has said several times removing spammers and bots are important to increasing Twitter’s value. If fake accounts represent more of Twitter’s registered users than he originally believed Musk may want to renegotiate his price.

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Twitter and Musk didn’t immediately respond to a request for comment.

Twitter stock was down 18.5% in premarket trading to $36.73. That is below the roughly $39 level Twitter traded at before Musk’s bid of $54.20 a share.

S&P 500 and Dow Jones Industrial Average futures rose 1% and 0.7%, respectively.

Tesla stock jumped 5.6% in premarket trading.

Write to Al Root at [email protected]

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Credit: www.marketwatch.com /

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