The $44 billion Twitter deal temporarily on hold: Elon Musk

Elon Musk in his recent tweet declared that the Twitter deal of $44billion has been put on hold to bring down the spam or fake accounts of Twitter to less than 5 percent. “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted on May 13. 

The world’s richest man’s said that his motive is to remove the spam accounts as much as he can, and it has been considered his first priority rather than becoming the CEO of the social media site. 

The Billionaire said that in the first quarter of this year, Twitter estimated in a filing that false or spam accounts represented fewer than 5 percent of its monetizable daily active users. The decision to hold the acquisition has been taken after considering this situation.  The company also said it faced several risks until the deal with Musk is closed, including whether advertisers would continue to spend on Twitter.

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Elon Musk acquired Twitter last month for $ 44 billion and the acquisition took place for $ 54.20 per share. Musk had earlier acquired a 9 percent stake in Twitter. This was followed by a complete takeover.