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Twitter deal on hold, says Tesla CEO Elon Musk

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"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," he said in a tweet.

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Shares of Tesla and Twitter have tumbled this week as investors deal with the fallout and potential legal issues surrounding Tesla CEO Elon Musk and his $44 billion bid to buy the social media platform.

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Of the two, Musk's electric vehicle company has fared worse, with its stock down almost 16% so far this week to $728. 

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Twitter shares fell 9.5% for the week, closing Thursday at $45.08. Both stocks have taken a bigger hit than the S&P 500, which is down 4.7% for the week.

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Along with malaise in the broader markets, investors have had to weigh legal troubles for Musk, as well as the possibility that his acquisition of Twitter could be a distraction from running the world's most valuable automaker. 

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The Wall Street Journal reported Wednesday that U.S. securities regulators are investigating Musk's tardy disclosure that he had bought more than 5% of Twitter shares. Musk now owns more than 9% of the San Francisco company.

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