Elon Musk announced on Friday that his deal to buy Twitter has been put “temporarily on hold” over questions regarding fake and spam accounts and if they really do represent less than 5 per cent of users.
Musk tweeted: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”
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The Tesla CEO later insisted however, that he was ‘still committed’ to the deal
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Summit News reports: Despite Musk last week securing $7 billion from new investors for his $44billion takeover, Twitter shares fell 20 per cent in premarket trading in response to the news.
The Tesla founder has made it one of his priorities to eliminate “spam bots” form the platform, which Twitter claims represent fewer than 5% of its monetisable daily active users.
Media reports circulated earlier in the week suggesting Musk could still pull out of the deal and pay a $1 billion dollar compensation fee, but that may be waived if Twitter hasn’t been honest about the scale of its bot problem.
Blue checkmarks on Twitter are likely to welcome the news that the deal is on hold given that they have been panicking for the last several weeks about being unable to further entrench their censorship agenda if Musk takes over the platform.