Elon Musk’s Twitter Takeover on Hold Due to Spam/Fake Accounts

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In case you missed it, late last month Twitter announced that it has come to an agreement with Tesla and SpaceX CEO Elon Musk to buy the social media platform for USD 44 billion. Now, Musk announced via Twitter that the acquisition is ‘temporarily on hold’.

Elon Musk - Twitter acquisition on hold

He explained that it is ‘pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users’. The tweet included a Reuters article saying that the platform estimated spam and fake accounts represented less than 5% of its users. This was disclosed after the deal with Musk was made.

Musk seems unconvinced though that it is just less than 5% of users. Rightfully so though, because if the number is actually higher, the value of the company would decrease.

The Tesla and SpaceX CEO has clarified that he is still committed to the acquisition. So, we’ll just have to wait and see what happens next in this saga.

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