Tesla (TSLA) CEO Elon Musk said his $42 billion acquisition of social media giant Twitter (TWTR) is on hold until it can be ensured that less than 5% of total users are spam or fake accounts.
- Twitter estimates that less than 5% of accounts on the site are spam or fake, according to an SEC filing.
- Twitter's stock price fell more than 20% to $35.8 in premarket trading.
- Musk claimed in April that he wanted to authenticate every Twitter user.