Musk Declares US$44 Billion Twitter Takeover ‘On Hold’

Bloomberg
Bloomberg5/13/2022 7:37 PM GMT+08  • 5 min read
Musk Declares US$44 Billion Twitter Takeover ‘On Hold’
In a tweet, Elon Musk says his US$44 billion offer for twitter is on temporarily on hold as his team checks on twitter bots
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Elon Musk tweeted that his $44 billion takeover of Twitter Inc. is “temporarily on hold” until the billionaire receives more information about the proportion of fake accounts, sending the social media giant into a tailspin.

Twitter slumped 20% in pre-market trading after Musk tweeted Friday that the deal was suspended, pending details on a recent filing from Twitter that fake accounts on the social media platform contributed less than 5% of its users. Tesla Inc. shares rose roughly 5%.

Twitter said in its latest quarterly results “that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our monthly daily active users during the quarter.” However, Twitter said it applied “significant judgment” to its latest estimate, and the true number could be higher.

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