Elon Musk wrote on Twitter that the mega takeover of Twitter is on hold.
Twitter recently accepted a $44bn bid from Musk to acquire the social media company.
The billionaire posted a link to a Reuters article which outlined a Twitter filing stating fake and spam accounts made up less than five per cent of its users.
The blockbuster deal would be placed “temporarily on hold” so Musk could acquire details that supported the platform’s calculation, he said in a tweet on Friday.
Shares in the company fell 18.35 per cent in pre-market trading, and opened down two per cent.
Shares sank to $37.10 in premarket trading, marking the lowest level since Musk disclosed his stake in the company in early April.
Musk has proposed to take the social media firm private for $54.20 per share.
In the filing, made by Twitter earlier this month, the company stated that there were special risks posed by Musk’s takeover proposal.
These included worries that advertisers would peter back spending and “potential uncertainty regarding our future plans and strategy”.