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Musk Twitter Deal Temporarily on Hold.

The saga of Elon Musk and Twitter, Inc. (TWTR) continues. The billionaire CEO of Tesla, Inc. (TSLA) sent Twitter shares tumbling when he tweeted on Friday, May 13,

That his planned $44-billion purchase of the social media giant was "temporarily on hold."

Musk said the deal would be paused pending confirmation that spam or fake accounts on Twitter represent under 5% of users.

Twitter shares initially dropped by over 20% in pre-market trading following Musk's announcement.

Musk sent a follow-up tweet later in the day saying that he was "still committed" to the acquisition, nudging Twitter shares back up slightly.

Impact for Investors

As the spread between Musk's offer price and the current price of Twitter shares has widened, investors may grow increasingly doubtful that Musk will complete the deal as originally planned.

It is possible that his announcement about putting the deal on hold is an attempt to either walk back the original deal or to convince the Twitter board to settle for a lower price.

The impact of the highly publicized and protracted negotiations between Twitter and Musk is exacerbated by the broader slowdown across the tech industry, as well as looming concerns about inflation.

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