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Musk: Bid to buy Twitter ‘temporarily on hold’

Tesla and SpaceX CEO Elon Musk on Friday announced that his bid to buy Twitter is “temporarily on hold.”

Musk, who is Twitter’s biggest shareholder, tweeted that the deal is stalled “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users” on the social media platform.

In a subsequent tweet, Musk said he is “still committed to acquisition” of the company. Twitter did not immediately respond to a request for comment on Musk’s tweets.

Last month, Twitter’s board of directors accepted Musk’s proposal to purchase the company for roughly $44 billion.

Rebecca Kern contributed to this report.

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