19.6 C
Monday, August 8, 2022

Musk’s Twitter Deal “Temporarily On Hold” Via @sejournal, @BrianFr07823616



Deal to purchase Twitter paused as Tesla CEO Elon Musk seeks more details on estimate that just 5% of accounts are spam and fake users.

Musk’s Twitter Deal “Temporarily on Hold”

Less than a month after it was announced Tesla CEO Elon Musk would be purchasing Twitter for $43 billion, the deal has been put on hold.

In a May 13 tweet, Musk, the current world’s richest man stated:

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

Musk provided few details, but followed up with another tweet a few hours later in which he said he was “still committed to acquisition.”

Quarterly Financial Report Raises Questions About Fake Accounts

Musk’s initial tweet linked to a Reuters article covering Twitter’s quarterly financial report.

The report included an estimation that only 5% of the platform’s approximately 300 million monthly active users are spam or fake accounts.

Twitter based this estimate on a review of sample accounts and stated the number was “reasonable.” However, it acknowledged the measurements were not independently verified and the number of these accounts could be higher.

Musk previously tweeted that one of his missions upon acquiring Twitter would be to eliminate spam bots.

Tweets Come After Twitter Exec Shakeup

Musk’s tweet comes just one day after it was announced two Twitter executives were leaving the company.

General Manager of Consumer Keyvon Beykpour and Revenue Product Lead Bruce Falck were asked to leave by current CEO Parag Agrawal.

The company also announced it was instituting a hiring freeze in an effort to be more financially responsible.

Investors Show Concerns Deal Will Go Through

Following news of Musk’s Twitter acquisition deal, stock prices of the social media platform jumped to close to $50 per share, though they never reached the $54.20 a share price the deal agreed upon.

Market analysists have suggested this is a sign investors were skeptical the deal will ever go through.

Part of the concern seems to be concern about Musk borrowing against Tesla’s stock to fund the purchase.

The initial tweet sent shares of the social media platform tumbling by 20% in pre-market trading, though they rebounded following the second tweet.

Featured Image: Sergei Elagin/Shutterstock

Subscribe to SEJ

Get our daily newsletter from SEJ’s Founder Loren Baker about the latest news in the industry!



more like this

Practical SEO Solutions To Your Website And Business

If you're working to make money online, increasing the traffic that visits your site is extremely important, because it effects simply how much you are making. Seo is a terrific way to create your website more accessible. Learn some good search engine optimisation methods in the article below.As you may build up your site, avoid…

Techniques For Becoming Successful At Email Promoting

Lots of business owners aim to attract customers while spending less than possible. A terrific way to try this would be to take full advantage of marketing with email. Should you wish to find out more about utilizing this tactic to enhance the success of your organization, read this article. The piece that follows will…


 Buy Now  Price: 3275 USDKIDS PARTY SUPPLIES ECOMMERCE WEBSITE BUSINESS WITH 1 YEARS HOSTING & DOMAINvar descGaugeInfo = {descST:(new Date()).getTime()}; window.onerror = function(message, url, line)...

Unlimited Website Visitors for from Popular Social Platforms!!

 Buy Now  Price: 1995 USDUnlimited Website Visitors for from Popular Social Platforms!!var descGaugeInfo = {descST:(new Date()).getTime()}; window.onerror = function(message, url, line) { return true; }; var ebayItemID='254621505425'; var...


Please enter your comment!
Please enter your name here