Elon Musk put his $44 billion Twitter buyout 'on hold.' He could be trying for a better price, buying himself time — or preparing to scrap the deal altogether.

The deal was temporarily on hold on Friday when Musk scrutinized the number of fake and fraudulent accounts on the platform.

The timing was odd. Musk cited a report from ten days ago that didn't contain any new information about fake accounts.

In a note to clients Monday, Dan Ives said that pressure on the stock, a volatile market, and deal financing issues suggested that Musk had got cold feet about the deal, and could be using the fake accounts issue as a scapegoat to push it.

An analyst at Bernstein told CNBC that Musk putting the deal on hold was probably a negotiation tactic.

Several analysts think that Musk is trying to push for a lower price. Some think his fake accounts could be a way to abandon the deal.

This might be a way to either negotiate a lower price or walk away if the data is grossly mis reported. Two analysts told the FT that Musk was trying to leverage a better price.

Before Musk put the deal on hold, he was thought to be in a good position to reprice the deal.

Musk could insist that he was still committed to the deal in a follow-up message. His current offer is dependent on a $12.5 billion loan against his stock in the company.

He will need a good excuse if he wants to drop the deal.

If Musk pays a $1 billion exit fee, he can abandon the buyout. CNBC reported that the option would only be available to Musk if the deal ran into problems with third-party financing or if a regulator blocked it.

A mergers and acquisitions lawyer told CNBC that if Musk walks away from the deal, he could be sued for billions.

Musk could cite concerns about fake accounts as a reason for walking away from the company, but it would probably be challenged in court.

Daniel Rubin, a mergers and acquisitions attorney at corporate law firm Dechert, told the FT that Musk could still find ways of forcing Twitter to let him out of the deal.

Musk seems to have been trying to limit his risk exposure since the board accepted his $44 billion offer. He announced on May 5 that he had lined up $7 billion in backing from third parties. The deal was less dependent on his stock because he was trying to restructure financing.

When contacted for comment, Musk did not reply immediately.