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Musk reached a deal to purchase the platform at $54.20 a share on April 25, after quickly becoming the largest shareholder of Twitter with a 9.2% stake.

On May 13, he said his plan to buy Twitter is \"temporarily on hold,\" citing concerns about spam accounts. He shortly clarified that he remained \"committed to acquisition,\" though the price of Twitter shares closed more than 9% down that same day.

Fake accounts make up less than 5% of users, Twitter stated in a public filing in May while noting that its estimation \"may not accurately represent the actual number of such accounts, and the actual number of false or spam accounts could be higher than we have estimated.\"

Musk, a prolific Twitter user with some 100 million followers, has yet to publicly comment on his plans to end his takeover.

If he walks away from the deal, Musk could be on the hook for a $1 billion breakup fee.

Twitter stock is down about 6% in after-hours trading on Friday.

ABC News' Joshua Hoyos contributed to this report.

This is a developing story. Please check back for updates.

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