BUSINESS

Elon Musk says Twitter deal ‘temporarily on hold’

May 13, 2022

LONDON — Elon Musk said Friday that his planned $44 billion purchase of Twitter is “temporarily on hold” pending details on spam and fake accounts on the social media platform, another twist amid signs of internal turmoil over the proposed acquisition.

In a tweet, the Tesla billionaire linked to a Reuters story from May 2 citing a financial filing from Twitter that estimated false or spam accounts made up fewer than 5 percent of the company’s “monetizable daily active users” in the first quarter.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said, indicating he’s skeptical that the number of inauthentic accounts is that low.

It wasn’t clear whether the issue could scuttle the deal. Stock in both Twitter and Tesla swung sharply in opposite directions, with Twitter’s stock tumbling 18 percent, and Tesla, which Musk had proposed using to help fund the Twitter deal, jumped 5 percent. — Agencies


May 13, 2022
490 views
HIGHLIGHTS
BUSINESS
4 hours ago

Soaring inflation and a collapsing currency affecting Turkey's economy

BUSINESS
6 hours ago

OPEC+ cuts oil production by 2m bpd, extends cooperation until December 2023

BUSINESS
3 days ago

SHIFT app launches carsharing and chauffeur services in Riyadh airport distinctive move