Elon Musk Says Twitter Deal On Hold, Sending Stock Down 20% | Mint

Elon Musk on Friday said his $44 billion deal to buy Twitter is on hold temporarily as he waits for details confirming spam or fake accounts on the micro-blogging site are less than 5% of users. Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn— Elon Musk (@elonmusk) May 13, 2022 Twitter estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter. The social media company had 229 million users who were served advertising in the first quarter. Shares of the social media company fell 20% in premarket trading. Musk, the world’s richest man and the chief executive of Tesla Inc, had said that one of his priorities would be to remove “spam bots” from the platform. Fighting fake accounts has been a cornerstone of Musk’s bid to reform Twitter. In a statement announcing his deal to buy Twitter last month, he revealed he wanted to defeat spam bots, authenticate all humans and make its algorithms open source. Musk has also said he’d like to make the platform a bastion of free speech, taking the guardrails off of content…
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