Elon Musk has put his acquisition of Twitter “on hold” pending more details about fake accounts on the social media platform. According to Twitter, spam and fake accounts account for less than 5% of users
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Elon Musk has put his acquisition of Twitter “on hold” pending more details about fake accounts on the social media platform.
Twitter said earlier this month that spam and fake accounts accounted for less than 5% of users.
But the Tesla and Space X founder confirmed he is now pausing his $44 billion (around £36 billion) deal pending further clarification on the figure.
Musk, 50, has said that once he’s in charge of Twitter, removing spam bots will be one of his top priorities.
In a tweet, Musk said, “The Twitter deal is on hold pending details supporting the calculation that spam/fake accounts actually represent less than 5% of users.”
Shares of Twitter fell 20% in premarket trading this morning.
Musk’s acquisition of the social media giant was expected to be completed later this year after Twitter’s board of directors unanimously approved his takeover deal.
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The world’s richest man offered Twitter for the first time last month, just days after turning down a seat on the company’s board.
This would have prevented Musk from taking over the company.
Musk confirmed the deal last month, tweeting, “I hope even my worst critics stay on Twitter because that means freedom of speech.”
In a statement, he added: “Freedom of expression is the bedrock of a functioning democracy, and Twitter is the digital marketplace where important issues affecting the future of humanity are discussed.
“I also want to make Twitter better than ever by improving the product with new features, open-sourcing algorithms to increase trust, defeat spam bots, and authenticate everyone.
“Twitter has tremendous potential – I look forward to working with the company and the user community to unlock it.”
Musk, who is worth around $245 billion, is a frequent user of Twitter and currently has more than 80 million followers on the social media platform.
He sold $8.5 billion worth of Tesla stock last month to fund his proposed acquisition.
In addition to fighting fake accounts, Musk also wants Twitter to become a “free speech” platform and has vowed to undo former US President Donald Trump’s bench.
He has also considered introducing a “small fee” for commercial or government use, but said casual users can still use Twitter for free.
Musk also wants to reduce the social media platform’s reliance on advertising.
https://www.mirror.co.uk/money/breaking-elon-musk-44billion-takeover-26954671 Elon Musk's $44 billion Twitter acquisition 'on hold' over spam and fake accounts