Elon Musk puts Sh5 trillion Twitter deal ‘on hold’

Tesla CEO Elon Musk arrives for the 2022 Met Gala at the Metropolitan Museum of Art on May 2, 2022, in New York. PHOTO | AFP

Elon Musk tweeted that his $44-billion (about Sh5.1 trillion) deal for Twitter Inc as “temporarily on hold” on Friday while he waits for data on the proportion of its fake accounts, sending shares in the social media platform plunging.

Tesla CEO Musk, who added that he was still committed to the acquisition, decided to waive due diligence when he agreed to buy Twitter on April 25, in an effort to get the San Francisco-based company to accept his "best and final offer".

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