Twitter share plunges 19% after Elon Musk puts the $44 billion ‘on hold’
Tesla CEO Elon Musk shocked everyone with his tweet on Friday in which he said that he has put the $44 billion Twitter deal temporarily on hold till he gets to know how many fake or spam accounts are present on the micro-blogging platform. Twitter’s share price plunged 19 percent on the news of the deal being put on hold.
“Twitter deal temporarily on hold pending details supporting calculation that spam/ fake accounts do indeed represent less than 5 percent of users,” Musk said in a tweet to his over 92 million followers.
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
Musk posted a link to an earlier Reuters story that reported that Twitter estimates spam, and fake accounts comprise less than 5 percent of users.
Twitter estimated in a filing earlier this week that false or spam accounts represented fewer than 5 percent of its monetizable daily active users during the first quarter. The micro-blogging platform had 229 million users in the first quarter.
The disclosure came days after Tesla Inc CEO Elon Musk, who has inked a deal to buy Twitter for $44 billion, tweeted that one of his priorities would be to remove “spambots” from the platform.
Musk has signed a $44 billion deal to take over Twitter, of which he will pay $21 billion from his own pocket while the rest will come as a loan from a consortium of banks.
[With Inputs from IANS]
PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views
For all the latest updates, download PGurus App.
- Google launches earthquake alert system in India for Android smartphone users - September 27, 2023
- New Indian dossier reveals Goldy Brar’s asylum bid in California, highlights Khalistani terrorist network - September 27, 2023
- Furor over Maneka Gandhi’s remarks on ISKCON, society denies charge - September 27, 2023