That's forced investors to hit the sell button in the past couple of weeks. Twitter shares have erased all of their gains since the Tesla and SpaceX CEO announced a 9.2 percent stake in the company, which quickly evolved into a $44 billion takeover bid. Shares are trading at about $40, down 22 percent from their peak.

The San Francisco-based social media platform has experienced substantial volatility over Musk's tweets, which have placed widespread doubts on his acquisition efforts.

What's putting the deal "temporarily on hold," according to Musk, is consternation regarding the legitimate number of fake and spam accounts.

The Washington Post reported on June 8 that Twitter's board of directors would comply with Musk's demands for internal numbers, giving him access to its full "firehose." This would include 500 million tweets posted each day, according to the newspaper, citing an anonymous source close to the matter.

While Twitter has said bots represent fewer than 5 percent of its 219 million users, independent researchers claim the figure might be three times higher.

Musk's legal team sent a letter to Twitter executives last week requesting testing methods to help garner the necessary financing for the purchase and initiate the transition to his ownership.