LONDON (AP) — Elon Musk said Friday that his plan to buy Twitter is “temporarily on hold” as he tries to pinpoint the exact number of spam and fake accounts on the social media pl…
LONDON — Elon Musk said Friday that his plan to buy Twitter is “temporarily on hold” as he tries to pinpoint the exact number of spam and fake accounts on the social media platform, another twist amid signs of turmoil over the proposed $44 billion acquisition.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said, indicating he’s skeptical that the number of inauthentic accounts is that low. A review of Twitter filings with the U.S. Securities and Exchange Commission shows that the estimate of spam bot accounts and similar language expressing doubts about it have been in Twitter’s quarterly and annual reports for at least two years, well before Musk made his offer and it would have been known to him and his advisors.
The sharp jump in the price of Tesla shares before the opening bell Friday singled rising doubts that the acquisition of Twitter will take place.Originally Musk had committed to borrowing $12.5 billion with Tesla stock as collateral to buy Twitter. He also would borrow $13 billion from banks and put up $21 billion in Tesla equity.
Wedbush analyst Dan Ives, who follows both Tesla and Twitter, said Musk’s “bizarre” tweet will lead Wall Street to either think the deal is likely falling apart, Musk is attempting to negotiate a lower deal price, or he is simply walking away from the deal with a $1 billion penalty.
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Elon Musk says Twitter deal 'temporarily on hold'LONDON (AP) — Elon Musk said Friday that his planned $44 billion purchase of Twitter is “temporarily on hold” pending details on spam and fake accounts on the social media platform. The announcement that the Tesla billionaire tweeted is another twist amid signs of internal turmoil over his planned buyout of Twitter, including that the social media company fired two of its top managers Thursday.
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Elon Musk says Twitter deal 'temporarily on hold'BREAKING: Elon Musk said that his planned $44 billion purchase of Twitter is “temporarily on hold” pending details on spam and fake accounts on the social media platform.
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Elon Musk says Twitter deal 'temporarily on hold'Elon Musk said that his planned $44 billion purchase of Twitter is 'temporarily on hold' pending details on spam and fake accounts on the social media platform.
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Elon Musk says Twitter deal ‘temporarily on hold’Elon Musk says his planned $44 billion purchase of Twitter is “temporarily on hold” pending details on spam and fake accounts on the social media platform
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