Musk: Doubt about spam accounts could scuttle Twitter deal

[Kamaji]

Musk: Doubt about spam accounts could scuttle Twitter deal

By Ariel Zilber
May 17, 2022

Elon Musk said on Tuesday that he will not go through with his $44 billion takeover of Twitter unless the social media platform offers definitive proof that less than 5% of its daily users are spam and bot accounts.

“My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5% (spam accounts). This deal cannot move forward until he does,” Musk said in a tweet.

Twitter responded hours later by insisting that it was committed to completing the deal at the agreed price “as promptly as practicable.”

Shares of Twitter fell by more than 8% in pre-market trading on Tuesday morning.

Before the opening bell on Wall Street, Twitter was trading at $37.39 a share – well below the $54.20 a share that Musk agreed to pay in order to buy out stakeholders and take the social media company private.

At a Miami technology conference Monday, Musk estimated that at least 20% of Twitter’s 229 million accounts are spam bots, a percentage he said was at the low end of his assessment, according to a Bloomberg News report.

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Source:  https://nypost.com/2022/05/17/elon-musk-doubt-about-spam-accounts-could-scuttle-twitter-deal/