Elon Musk: The acquisition of Twitter is temporarily suspended

LAST UPDATE 15:25

Tesla CEO Elon Musk announced today that the acquisition of Twitter Inc. $ 44 billion is temporarily suspended, citing pending details of unwanted and fake accounts, according to Reuters.

The Twitter deal [είναι] “A temporary suspension is pending the details that will support the calculation that fake and spam accounts actually represent less than 5% of users,” the billionaire investor said in a tweet.

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

Shortly afterwards, the billionaire investor announced that he “remains committed to the acquisition”.

Still committed to acquisition

– Elon Musk (@elonmusk) May 13, 2022

Shares of Twitter have fallen 25%, while at the moment they are losing 10%.

On Monday, Twitter, in a statement to stockbrokers, estimated that fake accounts and spam accounts accounted for less than 5% of the daily active users from whom it could generate revenue.

The company had a total of 229 million users to whom it could promote ads in the first quarter.

The announcement came days after the announcement of a $ 44 billion Twitter deal, with Musk saying his top priority would be to crack down on fake / automated accounts. [spam bots] from the platform.

Twitter has warned that there are several risks until the deal is completed, such as whether advertisers will continue to spend on Twitter, but also “uncertainty about future plans and strategy” after the acquisition.

Musk’s posts come just hours after news broke that Twitter was freezing recruitment as part of its efforts to cut spending before the acquisition was completed. Two of the company’s top executives, Kayvon Beykpour, head of consumer products, and Bruce Falck, head of product revenue, will leave the company at the request of CEO Parag Agrawal.