Elon Musk says Twitter deal ‘on hold’ after spam / fake account report

Elon Musk says his deal to buy Twitter is "temporarily on hold" after the social network reported that false or spam accounts comprised less than 5 percent of its 226 million monetizable daily active users. The Tesla CEO, who offered to buy twitter for $44 billion , tweeted a link to a May 2nd Reuters report on Twitter's filing, saying he wants to see the company's calculations. "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk tweeted. However, in a follow-up tweet, he added that he's " still committed to [the] acquisition ," suggesting that it'll proceed after Twitter provides satisfactory information on its numbers. Still committed to acquisition — Elon Musk (@elonmusk) May 13, 2022 Twitter's share price had plunged as much as 20 percent on news of the hold, while Tesla is up 6 percent as of this writing. Below is the relevant section of Twitter's filing. It notes that its calculations about the number of false or spam accounts are an "estimate," and that the real number "could be higher than we have estimated": We have performed an internal review of a sample of accounts… Read full this story

Elon Musk says Twitter deal ‘on hold’ after spam / fake account report have 355 words, post on www.theverge.com at May 13, 2022. This is cached page on xBlogs. If you want remove this page, please contact us.