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Elon Musk Says $44bn Twitter Deal is ‘Temporarily On Hold’ Over Fake Account Details

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(CTN News) –  Elon Musk put his $44 billion deal for Twitter Inc temporarily on hold on Friday, citing pending details to support the conclusion that spam and fake accounts make up less than 5 percent of the total user population.

“Twitter deals on hold pending details supporting calculation that spam/fake accounts represent less than five percent of users,” Elon Musk said in a tweet.

The company’s shares fell 17.7 percent in premarket trading to $37.10, their lowest level since Elon Musk disclosed his stake in the company in early April and subsequently offered to take it private for $54.20 per share.

On Tuesday, Twitter shares dropped below $46.75, lowering the implied probability of a deal closing at the agreed price for the first time.

As of earlier this month, Twitter estimated false or spam accounts represented fewer than 5% of its monetizable daily active users when it recorded 229 million users served advertising during the first quarter.

According to Elon Musk, a Twitter deal is temporarily on hold pending confirmation that spam/fake accounts are less than 5%.

Must Read: Elon Musk Says He Would Lift Twitter’s Ban On Trump

Later, he said he was still committed to buying Twitter. After his earlier message had sparked a share price plunge, Elon Musk wrote, “Still committed to acquisitions.”.

Elon Musk, the world’s richest man and a self-proclaimed free speech absolutist, had said that one of his priorities would be to rid Twitter of “spambots.”

Twitter did not immediately respond to a message-seeking comment. Musk’s representatives or Tesla Inc were unavailable for comment.

The social media company previously warned it faced several risks until the deal with Musk is closed, including whether advertisers would continue to spend on Twitter amid “potential uncertainty regarding future plans and strategy.”

Elon Musk has criticized Twitter’s moderation policy. It has been reported that he wants Twitter’s algorithm to prioritize tweets that are public and is opposed to too much power being given to advertising companies.

Musk says he prefers a ‘less divisive’ candidate than Trump in 2024

Elon Musk said on Thursday that although he wants Twitter to lift its permanent ban on former US president Donald Trump, that does not mean he supports Trump in a possible 2024 presidential run.

Musk said on Tuesday that Twitter’s decision to ban Trump was “morally bad”. In a tweet on Thursday evening, he reiterated his opposition to Trump as a presidential candidate.

Even though I think a less divisive candidate would be better in 2024, I think Trump should be brought back to Twitter.

Donald Trump has said that he does not want to return to Twitter and instead wants to build his own platform, Truth Social.

In January 2021, Twitter permanently banned him for inciting violence following the storming of the US Capitol. After losing his re-election bid in 2020, Trump may run for the presidency again in 2024.

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