Elon Musk halts Twitter acquisition

Elon Musk has paused the Twitter acquisition after reports by the media that the social network’s audience metrics were inflated.

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2tQMuuyn

— Elon Musk (@elonmusk) May 13, 2022

“The Twitter deal is temporarily on hold pending results confirming that spam/fake accounts indeed make up less than 5% of users,” he wrote.

Earlier, Reuters, citing the social network’s report, said that fake or spam accounts “made up at least 5% of its monetizable daily active users.” According to media, during the period, advertising was shown to 229 million accounts.

Twitter shares fell on the entrepreneur’s decision. The premarket price stood at $45.08.

In early April, Musk became the largest shareholder of Twitter after acquiring 9.2% of the shares for $2.89 billion.

proposed to buy the social network for more than $43 billion. The entrepreneur explained this as an intention to create an ‘inclusive arena for freedom of speech’, rather than a bid to make money.

Initially, Twitter management не оценило the proposal and approved a plan to defend against a takeover. However later reconsidered the position.

Earlier in April the board approved selling the company to Musk for $44 billion. One of the billionaire’s stated goals was to defeat spam bots.

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