Elon Musk tweeted that his $44 billion takeover of Twitter Inc. is “temporarily on hold” while waiting to share data on fake accounts, which sent the giant of social networks into the back door.
Twitter fell 20% in pre-launch interviews after Musk tweeted that the deal had been postponed until details of the company’s claims that fake accounts were worth less than 5% of its users.
Shares of Tesla Inc increased by almost 5%. In an earlier post, Twitter stated that “the average number of fake or spam accounts in Q1 2022 accounted for less than 5% of our monthly active users in that quarter.”
In a statement last month announcing his agreement to buy Twitter, Musk said he wanted to beat the spambots, prove it to everyone and publish his algorithms.
Elon Musk also said he wanted to turn the platform into a bastion of freedom of speech by removing railings to soften the interior.
Twitter robots are already enabled, although company policies should automatically detect these accounts.
The platform has even launched a label for “good” robots, such as @tinycarebot, an account that tweets self-service reminders. However, Spambots are not allowed and the company has policies in place to prevent them.
In recent days, there have been doubts that Musk could be bought on Twitter.
The transaction spread, which shows how much Wall Street expects to complete the acquisition, rose to $ 9.11 from $ 8.11 in the previous Thursday’s session.
This is the broadest level since the billionaire launched an offer to buy Twitter for $ 54.20 last month – and has doubled where it was last week when it announced an estimated $ 7.1 billion in financial commitment.
Musk also spoke with investors to raise enough capital and prioritize financing for his proposed acquisition of Twitter to eliminate the need for any margin loans related to its shares in Tesla, according to a person familiar with the matter.
He recently unveiled $ 7.1 billion in shares of investors, including Larry Ellison, Sequoia Capital, Qatar Holding and Saudi Prince Alwaleed bin Talal, with his shares on Twitter later leading to the transaction.