Elon Musk’s Twitter deal on hold
Elon Musk has announced that his bid for Twitter is temporarily on hold to confirm that spam and fake accounts represent less than 5% of of users.
The South African-born billionaire revealed the development on Twitter, in response to a Reuters report about the platform’s estimates of fake and spam accounts.
According to the report, Twitter included its estimate in a document filed on Monday.
The filing stated that Twitter faced several risks until the deal closes, including whether advertisers would continue to spend on Twitter and “potential uncertainty regarding our future plans and strategy.”
Twitter slumped 20% pre-market after Musk’s tweet, and Tesla shares rose roughly 5%.
Musk said in a statement announcing his deal to buy Twitter last month that he wants to defeat spam bots, authenticate all humans and make its algorithms open source.
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
Reporting with Bloomberg.
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