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Billionaire Elon Musk delays buying Twitter

Billionaire Elon Musk delays buying Twitter - Photo 1

Billionaire Elon Musk


Billionaire Elon Musk announced on May 13 that his $44 billion deal with Twitter was on hold due to details related to spam and fake accounts.

“The agreement with Twitter is on hold pending the details of the calculation that spam/fake accounts account for less than 5% of the social network’s users,” Musk tweeted.

According to Reuters, Musk’s move sent Twitter shares down 20 percent in premarket trading. Twitter has not yet commented on the matter.

In early May, Twitter estimated that fake or spam accounts accounted for less than 5% of monetized daily active users (mDAU) in the first quarter.

Twitter also said the social network faces a number of risks until the deal with Mr. Musk closes, including whether advertisers will continue to spend money to advertise on Twitter.

Earlier, on April 26 (Vietnam time), Twitter’s board approved a proposal by the world’s richest billionaire, Elon Musk, to buy the entire social network for $44 billion in cash. The deal has been approved and is expected to close this year.

He insisted that the attempt to buy Twitter, the world’s richest billionaire social network, was not motivated by economic problems. Musk then said he wanted to “unleash” Twitter’s enormous potential.

Mr Musk also said one of his top priorities was to remove “spam bots” from Twitter.