Elon Musk’s $44 billion purchase of Twitter is currently on hold, the Tesla CEO confirmed.
It all started when the SpaceX chief and multi-billionaire became the social media firm’s largest single stakeholder with a 9.2% stake. After much speculation, Musk revealed he had intended to buy the entire platform.
However, an investigation into the ratio of bot accounts to actual users has put the deal in limbo. The richest man alive had been very clear that he wanted to make Twitter better than ever by defeating spam bots and focusing on ‘free speech.’
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
On Friday, Musk posted a link to an article which states that spam/fake accounts represent less than 5% of 229 million monetisable daily active users.
In fact, Friday’s announcement saw Twitter’s shares drop by 20% in early electronic trading. Other bumps on the road came from Musk’s claim that he would lift the ban off Donald J. Trump’s Twitter account.
Many activists and users have also since claimed that they would boycott the platform if Musk opened up the gates to abusive and misinformation posts. It remains to be seen whether Musk will go through with the deal, but it is not looking good…