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Elon Musk Says Twitter Deal Is ‘On Hold,’ But Shares Where He Stands on It

by Savannah Rychcik
May 13, 2022 at 9:14 am
in News
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Elon Musk Says Twitter Deal Is ‘On Hold,’ But Shares Where He Stands on It

NEW YORK, NEW YORK - MAY 02: Elon Musk attends The 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 02, 2022 in New York City. (John Shearer/Getty Images)

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Tesla CEO Elon Musk shared that his deal with Twitter is on hold.

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

He added, “Still committed to acquisition.”

Still committed to acquisition

— Elon Musk (@elonmusk) May 13, 2022

Musk posted a link to a Reuters article titled, “Twitter estimates spam, fake accounts comprise less than 5% of users -filing.”

The outlet noted Twitter said in a filing it faced several risks until they close the deal with Musk, including whether advertisers would continue to spend on the social media platform and “potential uncertainty regarding our future plans and strategy.”

According to The Washington Post, bots on Twitter are “automated accounts that can do the same things as real human beings: send out tweets, follow other users, and like and retweet postings by others.”

However, the outlet explained, “Spam bots use these actions to engage in deceptive, harmful and annoying activity.”

Last month, Musk outlined potential changes to Twitter, including tackling spam bots.

“If our Twitter bid succeeds, we will defeat the spam bots or die trying!” Musk said.

He continued, “And authenticate all real humans.”

And authenticate all real humans

— Elon Musk (@elonmusk) April 21, 2022

One user wrote, “If [Elon Musk’s] Twitter bid succeeds, he will focus on solving the real problems. Make platform’s algorithm open source, eliminate horrible scam bots, edit functionality, strict adherence to free speech, simpler verification process.”

Musk responded, “Yes.”

Yes

— Elon Musk (@elonmusk) April 22, 2022

CNN noted Musk would owe the company a $1 billion breakup fee if he were to walk away from the deal.

Tech analyst Dan Ives of Wedbush Securities wrote in a note to clients, “The Street will view this deal as 1) likely falling apart, 2) Musk negotiating for a lower deal price, or 3) Musk simply walking away from the deal with a $1 billion breakup fee,” as CNN reported.

He added, “Many will view this as Musk using this Twitter filing/spam accounts as a way to get out of this deal in a vastly changing market.”

Tags: Elon MuskTwitterU.S. News
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Savannah Rychcik

Savannah Rychcik

IJR, Writer

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