Elon Musk’s $44bn Twitter Deal Is Temporarily on Hold, Stock Sinks 25%

2
59

Update: Musk said he intends to go through with the deal and the stock is going back up. Since Biden, the market is down.

Elon Musk has said his $44bn takeover of Twitter is “temporarily on hold” after the social media platform claimed that less than 5% of its users were spam or fake accounts. He shelved it until he has more information.

Musk had said one of his goals was to get rid of the bots.

The Tesla chief tweeted on Friday morning that the deal was being frozen while he awaited details behind Twitter’s assertion.

Twitter stock dropped 25% on the news, but Teslarose 5.9% to $770.98.

Musk did not clarify why Twitter’s filing on fake accounts would force him to put it on hold.

The entrepreneur, who is the world’s richest person, has made the eradication of fake spam or bot accounts central to his plans for the company. “If our twitter bid succeeds, we will defeat the spam bots or die trying!” he tweeted in April.


PowerInbox
0 0 votes
Article Rating
Subscribe
Notify of
guest
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
The Prisoner
The Prisoner
14 days ago

As twitter falls, the woke employees who hate Musk will be losing their jobs. They are the ones in jeopardy. He has them trapped. If he stays, he intends to release 1000 of them, but Twitter will prosper.

GuvGeek
GuvGeek
14 days ago

Twitter is a Scam. Bot Accounts are like 50% than 5% and the take over of Twitter is going to expose Twitter as Fraud operation to pass Government Propaganda. The best Part is the SEC is making it easy for Elon Musk to pull the deal altogether once the truth about Twitter is known and Twitter stock tanks.