Twitter deal temporarily on hold - Elon Musk

Kweku Zurek Business News May - 13 - 2022 , 10:03

Billionaire Elon Musk on Friday said his acquisition of Twitter is temporarily on hold pending details supporting a calculation that spam or fake accounts represent less than 5% of users of the microblog.

Musk was reacting to a news report about Twitter estimating that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.

He tweeted: "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users".

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

Twitter filing

Twitter estimated in a filing on Monday that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.

The social media company had 229 million users who were served advertising in the first quarter. read more

The disclosure came days after Tesla Inc (TSLA.O) Chief Executive Elon Musk, who has inked a deal to buy Twitter for $44 billion, tweeted that one of his priorities would be to remove "spam bots" from the platform.

Twitter said in the filing it faced several risks until the deal with Musk is closed, such as whether advertisers would continue to spend on Twitter and "potential uncertainty regarding our future plans and strategy."