Source - Twitter shares plummeted during pre-market trading on Friday morning after Elon Musk said his deal to buy the social media company is “on hold” until he gets more information on the number of fake and spam accounts on the platform.
Musk, whose offer to buy Twitter for $44 billion was accepted by the company’s board in April, said the takeover deal was “temporarily on hold” amid concerns over the number of fake and spam accounts on the site.
The billionaire said he was waiting on details supporting the company’s calculation that fake or spam accounts made up less than 5% of its users.
Twitter shares fell 25% in pre-market trading after the announcement. Around two hours from his first tweet, Musk added he was “still committed to acquisition.”
I don't know about you...but I love this. Give us complete transparency when it comes to fake/spam accounts so everyone can finally shut the fuckup about them. We know they exist, we know they impact politics, public opinion, and literally everything else on the internet, so just confirm it so we can move on. Oh and they make up wayyyy more than 5% of the total users on the app. Which is why Elon basically said fuck off when they came back with that number. The king of free speech wants to know exactly what he's getting into before he dumps one fifth of his net worth into a sinking ship. Here's what he had to say on the situation...
Musk has previously said removing spam and fake accounts from Twitter will be one of his “top” priorities. While Twitter estimates these accounts make up fewer than 5% of daily active users, it has a history of maths errors in this area, even miscounting the number of daily users it had for three consecutive years. The pause is the latest setback in Musk’s acquisition plans, which faced initial opposition from the board and have yet to be finalized.
The SEC is also investigating Musk for allegedly putting off reporting how much of a stake he had in Twitter before he attempted to acquire them. Regardless, the stock tanked 25% and now the pressure is on for Twitter to be truthful when it comes to fake accounts. Will it happen? Probably, but then again you never know. I just want to see this deal go through so we stop talking about it. Rip the band aid, Musk. Shit or get off the pot. I'm ready for the new Twitter and so is the rest of the world. I was going to make some comparison to the bullshit list Deke Zucker claimed to have had, but I'm too lazy to find the connection. That's it for this one. Have a wonderful Friday.