Twitter (TWTR) Stock Collapses 20% as Musk Says $44 Billion Deal is 'Temporarily On Hold', Tesla (TSLA) Shares Rally

Shares of Twitter (NYSE: TWTR) are down nearly 20% in pre-market Friday after Elon Musk, who agreed to take the company private in a $44 billion deal, said the deal is “temporarily on hold.

The social media giant said in a filing on Monday that false or spam accounts represent fewer than 5% of its monetizable daily active users.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted, quoting a Reuters story about false or spam accounts on Twitter.

Tesla (NASDAQ: TSLA) stock price is up 7% on the other hand.

By Senad Karaahmetovic

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