Elon Musk says the Twitter deal is on hold for now

"Twitter transaction temporarily on hold seeking information supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk stated in a tweet.

In a filing earlier this month, Twitter calculated that during the first quarter, fake or spam accounts accounted for less than 5% of its monetizable daily active users.

Musk had stated in a tweet a few days previously that one of his top priorities would be to remove "spam bots" off the network.

According to the petition, Twitter faces various risks until the Musk purchase is finalised, including whether advertisers will continue to spend money on Twitter and "possible uncertainty surrounding our future objectives and strategy."

In a note to workers earlier today, Twitter CEO Parag Agrawal announced that two top executives who oversee the consumer and revenue businesses will be leaving the firm.

By the end of 2023, the business aimed for $7.5 billion in annual sales and 315 million daily users, but it dropped both targets in its most recent earnings report.

Twitter will also stop most hiring and analyse all existing job offers to see if any "should be pulled back," according to Agrawal.