Twitter Deal on Hold Says Musk Until Clarification on Percentage of Fake Accounts – Stock Plunges 18%

Image: Alexander Shatov via Unsplash
In a filing earlier this month, Twitter estimated that fewer than 5% of its monetizable daily active users during the first quarter were bots or spam accounts.

According to a tweet from Elon Musk, the Twitter deal is on hold. Musk wrote: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

The tweet indicates that Musk is waiting until he receives more information about how many fake accounts there are on the social media platform.

Twitter’s stock plunged as much as 18% aftermarket following Musk’s announcement.

 
 

Musk announced last month that he intends to buy Twitter for $44 billion while previously tweeting that a priority will be the removal of “spam bots” from the platform.

In a filing earlier this month, Twitter estimated that fewer than 5% of its monetizable daily active users during the first quarter were bots or spam accounts.

Twitter additionally said in the filing that the platform had 229 million users in the first quarter who were served advertising.

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