Elon Musk Tweets his Twitter deal is on hold

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When news broke that Elon Musk wanted to buy Twitter, many people took it as a joke. But when Musk dropped a 40+ billion dollar offer, things got real. Musk kicked off by purchasing enough Twitter stock to make him the largest shareholder. The company then offered him a seat on the board, but Musk declined the offer and put in his bid to purchase the company.

Estimated reading time: 2 minutes

Over the next few weeks, Musk sold off some Tesla shares and brought in partners on the deal. In a Tweet yesterday, Musk has said the Twitter deal is on hold pending an investigation into the correct number of spam and bot accounts on the platform.

In a follow-up Tweet, Musk did say he is still committed to buying the platform.

Musk, who has been vocal about his desire to clean up Twitter’s problem with “spam bots” that mimic real people, appeared to question whether the company was underreporting them.

In a tweet, the Tesla billionaire linked to a Reuters story from May 2 about a quarterly report from Twitter that estimated false or spam accounts made up fewer than 5% of the company’s “monetizable daily active users” in the first quarter.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said, indicating he’s skeptical that the number of inauthentic accounts is that low.

It wasn’t clear whether the issue could scuttle the deal.

Twitter did not immediately respond to requests for comment early Friday.

Seattle Times

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Last Updated on May 13, 2022.

Elon Musk HOLD Twitter sale-min
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