Twitter Shares Fall 20%. Reason: The Elon Musk Saga That Doesn't End

Elon Musk Twitter Takeover: Elon Musk tweeted that the takeover of Twitter Inc is temporarily on hold due to the calculation of fake accounts in it.

Twitter shares tumbled around 20 per cent in the pre-market trading on Friday after billionaire Elon Musk declared that the $44 billion takeover bid of the micro-blogging site is on hold.

Musk tweeted that the takeover of Twitter Inc is temporarily on hold due to the calculation of fake accounts in it.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users," Musk tweeted tagging a media report.

Musk's announcement came before the opening of trading in the American stock exchanges.