Elon Musk puts $44 billion Twitter deal ‘on hold’ [Updated]

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Elon Musk puts $44 billion Twitter deal 'on hold' [Updated]
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Elon Musk is “temporarily holding” his $44 billion acquisition of Twitter after the company claimed that less than 5% of its users have spam or fake accounts.

Twitter Elon Musk
Boss Tesla tweeted The deal will be put on hold on Friday while it awaits details supporting Twitter’s claim:

“Twitter deal temporarily pending details support estimates that spam/fake accounts account for less than 5% of users.”

Musk linked his decision to May 2 Reuters report good Referring to a filing with the US financial regulator, in which Twitter claimed that fake and spam accounts account for less than 5% of its average daily users:

We conducted an internal review of a sample of accounts and estimated that the average number of fake or spam accounts during the first quarter of 2022 represented less than 5% of our mDAUs during the quarter. Period Fake/Spam Accounts represents the average number of fake/spam accounts in the samples during each monthly analysis period during the quarter. In making this determination, we apply significant judgment, so our estimate of fake or spam accounts may not accurately represent the actual number of such accounts, and the actual number of fake or spam accounts may exceed our estimate .

Following Musk’s announcement in April that he was offering to buy Twitter, the Tesla CEO said he wants to make the social media platform “better than ever” with new product features that beat spam bots and protect everyone. Authenticate.

When the story broke on Friday, Twitter’s share price fell 25% in premarket trading, and is currently down about 15%.

UPDATE 4:53 AM: one in follow up tweetMusk says he is “still committed to the acquisition.”

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