Shares of Twitter (NYSE:) are down nearly 20% in pre-market Friday after Elon Musk, who agreed to take the company private in a $44 billion deal, said the deal is “temporarily on hold”.

In a Monday filing, the social media company stated that spam or false accounts account for less than 5% its 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, quoting a Reuters story about false or spam accounts on Twitter.

Tesla (NASDAQ) shares are up 7%.

By Senad Karaahmetovic