Musk has temporarily halted the Twitter deal pending the spambots on the network which represent less than 5% of users
Elon Halts Twitter’s Deal On Spam Or False Accounts
Musk may be reconsidering the $44 billion deal he confirmed with Twitter’s board earlier this year.
In a filing, Twitter stated that the social media company has less than 5% spam or fraudulent accounts. Musk, on the other hand, wants to look into the quantity of spam or false accounts.
He has placed the deal on hold for an unknown duration in order to conduct the inquiry.
Musk said in a tweet:
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”
Elon Musk, the CEO of Tesla, had already completed the $44 billion purchase of Twitter. He has also stated that one of his top tasks will be to remove “spambots” from the network.
The company’s executives will be angry that Elon Musk has once again called the transaction into question.
The social media platform has previously stated that it faced many risks until the Elon Musk deal was finalized, including advertisers continuing to spend money on the platform and uncertainty about future plans and strategy.
Twitter Shares Under Pressure
In premarket trading, Twitter shares have dropped 20% to $35.90. Twitter’s stock has been steadily declining over the last week.
Several Twitter users believe Elon Musk will not buy Twitter, and that the company is worth $40-$50 per share.
Elon Musk wants to improve Twitter and find solutions to its difficulties. However, following the sale, Twitter’s issues grew.
Kayvon Beykpour, Twitter’s general manager of consumer products, and Bruce Falck, Twitter’s general manager of revenue, both announced their departures on May 2.
In light of the agreement, the corporation has likewise halted hiring.
