Elon Musk says Twitter deal is 'on hold'

Musk says that he is 'still committed' to completing the deal, which would take Twitter private at $54.20 per share

Twitter shares plunged more than 10% during Friday's trading session after Elon Musk said in a tweet that a deal for the company is temporarily on hold. 

Later Friday morning, Musk added that he is "still committed to acquisition."

Twitter's board accepted Musk's offer in late April to take the social media giant private at $54.20 per share. Musk, the world's richest man and the chief executive of Tesla Inc., had said that one of his priorities would be to remove "spam bots" from the platform.

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The company had earlier this month estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.

Ticker Security Last Change Change %
TWTR TWITTER INC. 37.86 -0.43 -1.12%

It also said it faced several risks until the deal with Musk is closed, including whether advertisers would continue to spend on Twitter.

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Twitter did not respond to a request for comment.

Reuters contributed to this report.