Elon Musk says Twitter deal ‘temporarily on hold,’ but he’s still committed to the acquisition

Billionaire Elon Musk said on Friday that his pending acquisition of Twitter is awaiting information about the existence of fake accounts.

He later added that he is still involved in the $ 44 billion deal.

“The Twitter deal is temporarily pending details that support estimates that spam / fake accounts actually represent less than 5% of users,” Musk said on Twitter.

Less than two hours later, Musk wrote: “Still engaged in acquisitions.”

Twitter CEO Parag Agrawal said he expects the deal to continue, but he is focused on improving Twitter regardless of who owns the social platform.

“Although I expect the deal to end, we must be prepared for all scenarios and always do what is right for Twitter,” Agrawal said on Twitter. “I’m responsible for leading and running Twitter, and our job is to build a stronger Twitter every day.”

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Twitter acknowledged challenges in measuring the number of active users and engagement in a regulatory application earlier this month. Twitter said in a report to the US Securities and Exchange Commission that the estimated number of fake accounts or spam accounts represented less than 5% of its daily active users in the first quarter of 2022. The company also acknowledged that its guess about the number of fake users may be incorrect.

Musk, whose takeover of Twitter was announced last month, made combating spam a top priority. In Twitter’s announcement of the planned acquisition, Mr. Musk “defeating spambots” and authenticating people on the social media platform as the main problem.

Whether Mr. Musk’s tweets will significantly change if the ongoing acquisition remains to be seen, but Twitter’s share fell 18% in premarket trading after his first tweet saying the deal was stopped, according to CNBC.

“Nobody on Twitter works just to keep the lights on. We’re proud of our work,” Agrawal said on Twitter. your.”

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