Elon Musk, the billionaire, has announced that the acquisition of Twitter has been put on hold for the time being. Musk has proposed a USD 44 billion acquisition price for the social networking site. ‘Twitter transaction on hold temporarily for details supporting computation that spam/fake accounts do actually represent fewer than 5% of users,’ Musk tweeted on Friday (May 13).
Musk’s attempt to acquire Twitter sent shockwaves across the digital and business worlds. There were fears that under Musk, Twitter may adopt a ‘right-of-center’ political stance. Musk is well-known for his impromptu tweeting. He recently stated that he would consider reinstating former US President Donald Trump’s suspended Twitter account.
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
— Elon Musk (@elonmusk) May 13, 2022
Donald Trump’s Twitter account was suspended following the January 6, 2021 Capitol Hill riots provoked by his followers. According to Reuters, Twitter did not immediately reply to Musk’s latest revelation. Twitter reported earlier this month that fraudulent or spam accounts accounted for less than 5% of its monetizable daily active users in the first quarter.
It also stated that until the transaction with Musk is finalized, it faces various risks, including whether advertisers would continue to spend on Twitter. Musk, the world’s richest man and CEO of Tesla Inc, had stated that one of his top goals would be to eliminate ‘spam bots’ from the site.