Elon Musk on Friday put his $44-billion deal for Twitter Inc temporarily on hold
Shares of the social media company fell 17.7% to $37.10 in premarket trading, their lowest level since Musk disclosed his stake in the company in early April
The implied probability of the deal closing at the agreed price fell below 50% for the first time on Tuesday, when Twitter shares dropped below $46.75.
Twitter had earlier this month estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk tweeted on Friday.
Musk, the world's richest man and a self-proclaimed free speech absolutist, had said that one of his priorities would be to remove "spam bots" from the platform.