Festival bosses confirmed that the Reading and Leeds performances and an October arena tour will go ahead.
The misleading tweet, posted late on Sunday night also urged fans to return their tickets.
However, in a statement Festival Republic told Newsbeat: “(We) are informed by GN’R management that Guns N’ Roses have NOT cancelled their performances at Reading & Leeds and that Axl Rose’s Twitter account was hacked into and all claims of dates being cancelled are unfounded.”
That means that the rockers’ recently announced UK arena tour – their first in four years – will still go ahead.
The band are lined up to play London, Birmingham and Manchester in October, as well as other shows across Europe over the next three months.