After Tesla (TSLA) - Get Twitter, Inc. Reportshares fell in pre-market trading, according to Tesla Inc ReportCEO Elon Musk said his $44 billion acquisition of the social media company was "temporarily on hold."
Musk, who has reportedly contacted a range of people to modify his ''take private'' strategy, including bringing in new equity investors and reportedly soliciting others to reduce the exposure of $62.5 billion worth of Tesla shares he''s pledged against margin loans, made the disclosure through his verified Twitter account early on Friday.
According to a Twitter filing, Facebook had 229 million users who saw consistent ads, adding that less than 5% of its''monetizable daily active users'' were false or spam accounts.
"Twitter''s decision is temporarily on hold pending details stating that spam/fake accounts do indeed represent less than 5% of users," Musk said.
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Twitter shares fell by 4.7 percent in premarket trading, indicating a $33.36 opening bell price. Tesla shares fell by 6.44% to $774.90 each.
Last week,Musk said he''s received equity commitment letters from several investors, including Sequoia Capital, that included $7.14 billion to help Musk acquire $44 billion in Twitter, a move that slowed significantly the cost Musk would pay from his personal wealth substantially linked to Tesla''s value to complete the transaction, while increasing the overall equity portion of the proposed takeover to $27.45 billion.
Prince Alwaleed Bin Talal, a prominent Twitter shareholder who had previously dismissed Musk''s $54.20 per share offer for the group as "not even close" to its fundamental value, will distribute 34.95 million of his shares and retain an equity commitment in the group after its privatization.