Elon Musk announces suspension of Twitter deal

Elon Musk announces suspension of Twitter deal

Science & IT Deskdaily-bangladesh.com

Published: 19:28 13 May 2022   Updated: 21:32 13 May 2022

Elon Musk; Photo: Collected

Elon Musk; Photo: Collected

Tesla owner Elon Musk, who is also founder, CEO, and Chief Engineer at SpaceX, has announced today that the deal to buy Twitter was “temporarily on hold” over details around the number of spam and fake accounts present on the site. 

Elon Musk announced on Friday that he halted a $44-billion deal with Twitter “suddenly”, according to a Reuters report.

Musk himself wrote in a tweet on Friday that the Twitter deal had been temporarily suspended in support of accounts that spam/fake accounts actually represent less than 5 percent of users. 

Meanwhile, Twitter’s share in Premarket Trading fell 20 percent after Musk’s announcement. There was no immediate word from Twitter authorities on the matter. 

Earlier this month, the company estimated that fake or spam accounts represent less than 5 percent of daily active users.

At the time, the company added that they were facing a number of risks until the deal with Musk was terminated. There was also the risk that advertisers would continue to spend on Twitter. 

Earlier, in late April, the company’s board of directors made the final decision to sell Twitter to US billionaire Mask for $44-billion.