Elon Musk Announces Twitter Deal 'Temporarily' On Hold Over Report on Fake Accounts (UPDATE: Musk Clarifies)
UPDATE: Musk clarified that he is still committed to the acquisition. Methinks someone needs to started counting to ten before hitting the "send tweet" button)
Elon Musk announced this morning that his deal to buy Twitter is temporarily on hold. It's over a company filing that stated spam/fake accounts make up less than 5% of users.
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
The Reuters report, which is from May 2, states Twitter estimated in a filing that false or spam accounts represented "fewer than 5% of its monetizable daily active users during the first quarter." The filing also said the company "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."
This is all there is that's publicly available. Could this be a lot of people overreacting to a Musk tweet? It wouldn't be the first time that's happened. Twitter, at one point, was down 25% in pre-market trading on the news. It's only down 14% as I'm writing this.
What I'm confused by is that the filing was reported on May 2. Why are we just hearing about this now? It's not like Musk has been shy about publicly criticizing the company during that time. He's also been vocal about the ultra-leftist dark money groups calling on advertisers to boycott. I can't imagine he only found out about a filing from eleven days ago this morning.
If I were to speculate, Elon was trying to get the information for the past eleven days and there were behind-the-scenes shenanigans. Musk's tweet is a power play of sorts.
But like most of what the billionaire is doing, it's all speculation, speculation based on the tweets that he sends out on the social media platform he may or may not be purchasing. This is the world we all live in right now.
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