Elon Musk says $44-billion Twitter deal temporarily on hold

NEW DELHI: Tesla chief Elon Musk on Friday said that his $44 billion Twitter deal is temporarily on hold due to pending details on spam and fake accounts.
In a tweet, Musk said: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

In a filing earlier this month, Twitter had estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.
The disclosure had come days after Musk’s tweet said that one of his priorities would be to remove “spam bots” from the platform.

musk bot tweet

Twitter had said in the filing that it faced several risks until the deal with Musk is closed, such as whether advertisers would continue to spend on Twitter and “potential uncertainty regarding our future plans and strategy.”
Earlier in the day, Twitter chief executive officer (CEO) Parag Agrawal told employees in a memo that 2 senior leaders who oversee the consumer and revenue divisions will depart the social media company.
This is one of the biggest shake-ups in Twitter since billionaire Musk announced he would buy it.
The company was targeting $7.5 billion in annual revenue and 315 million daily users by the end of 2023, but withdrew those goals in its recent earnings report.
Agrawal also said that Twitter would pause most hiring and review all existing job offers to determine whether any “should be pulled back.”
(With inputs from agencies)

Leave a Reply

Your email address will not be published.