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'Still Committed to Acquisition': Elon Musk After Putting Twitter Deal 'On Hold'

Twitter estimated that false or spam accounts represented fewer than 5% of its monetisable daily active users.

Updated
Tech News
1 min read
'Still Committed to Acquisition': Elon Musk After Putting Twitter Deal 'On Hold'
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Hours after saying that the Twitter deal is "temporarily" on hold, Tesla CEO Elon Musk on Friday, 13 May, tweeted that he is still committed to the acquisition.

"Twitter deal is temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," he had tweeted earlier.

Twitter shares fell 22 percent in pre-market trade after Musk's tweet, Reuters reported.

Twitter estimated in a filing that false or spam accounts represented fewer than 5 percent of its monetisable daily active users during the first quarter of 2022.

Removing such accounts was one of Musk's promises to Twitter users. "A top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter," he had said at a TED conference.

Twitter, on 25 April, finally agreed to sell itself to Tesla CEO Elon Musk for $54.20 per share, putting an end to weeks of uncertainty. The deal was slated to close sometime this year, subject to conditions including regulatory approval and a nod from shareholders.

(This is a developing story.)

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