Elon Musk has put his $44 billion (£35 billion) proposal to buy Twitter on hold; citing concerns over the amount of bogus or spam accounts on the platform.

He stated that he was awaiting facts “to support [the] calculation that spam/fake accounts do indeed comprise less than 5% of users.” Later, Mr Musk said he was “still committed to [the] transaction.”

Analysts believed that he may be attempting to renegotiate the price or perhaps walk away from the acquisition. Mr Musk’s remarks sent Twitter’s stock price tumbling 10% in New York morning session.

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn

— Elon Musk (@elonmusk) May 13, 2022