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Elon Musk has said his planned $44bn takeover of Twitter is on hold amid concerns about the number of fake or spam accounts on the site.
The billionaire wrote in a tweet: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5pc of users.”
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Shares in Twitter dropped 11pc in pre-market trading.
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There’s been growing worries among investors that the Tesla founder’s bid for Twitter wouldn’t go through due to the significant financial and political exposure linked to the deal.
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