Twitter Deal of $44 billion on hold, Elon Musk confirmed the news
Elon Musk put his $44 billion purchase for Twitter Inc on hold on Friday, citing a lack of details on spam and bogus accounts.
The social media company’s stock dropped 20% in premarket trade. A request for comment from Twitter was not immediately returned.
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
— Elon Musk (@elonmusk) May 13, 2022
Earlier this month, the business calculated that fraudulent or spam accounts accounted for less than 5% of its monetizable daily active users in the first quarter.
It also stated that until the deal with Musk is finalised, it faces various risks, including whether advertisers will continue to spend money on Twitter.
Musk, the world’s richest man and CEO of Tesla Inc, has stated that removing “spam bots” from the platform would be one of his top goals.