Elon Musk temporarily changed his mind about buying Twitter

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Elon Musk has suspended the process of buying Twitter after the media reported on the overestimation of the audience of the social network.

“Twitter deal is temporarily on hold pending results confirming data that spam/fake accounts do indeed account for less than 5% of users,” he wrote.


Musk says he’s still committed to acquiring Twitter.

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

Twitter shares reacted to the entrepreneur’s decision with a fall. The current premarket price is $45.08.

In early April, Musk became Twitter’s largest shareholder after acquiring a 9.2% stake for $2.89 billion.

On April 14, he offered to buy the social network for more than $43 billion. The entrepreneur explained this by his intention to create an “inclusive arena for freedom of speech,” and not by a desire to make money.

Twitter management did not initially evaluate the proposal and approved the takeover defense plan. However, later revised the position.

On April 25, the board approved the sale of the company to Musk for $44 billion. One of his goals, the billionaire called the victory over spam bots.

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Source: Cryptocurrency

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