Elon Musk Says Twitter’s 44-billion dollar deal is on hold

Main Image
  • Like
  • Comment
  • Share

Last month, Tesla’s owner Elon Musk created a lot of ripples when he announced the purchase of the microblogging platform Twitter. Ever since then, there have different theories about whether the move will be good or bad for Twitter and what changes will come to Twitter post-acquisition. Now in a series of latest developments, Musk has claimed that the deal to acquire Twitter is temporarily put on hold.

ALSO READ: Asus launches Zenbook 14X OLED Space Edition & 5 other laptops for creators: Read on to know more

Musk has clarified that the deal has been halted till it is confirmed whether spam or fake accounts represent less than 5% of Twitter’s total userbase. “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users (sic),” Musk tweeted.

Twitter had earlier given an estimate stating that false/spam accounts represent fewer than 5% of its monetizable daily active users during the first quarter. The social media company had 229 million users who were served advertising in the 1st quarter (January-March). The disclosure came after Musk revealed his intentions of removing spam bots from the platform.

ALSO READ: Google I/O 2022: Pixel 7 Series & Pixel Tablet make a surprise entry

Shares of Twitter fell 17% in premarket trading. The shares tumbled as investors deal with the fallout and potential legal issues surrounding Tesla CEO Elon Musk and his 44 billion dollars bid to buy the social media website. Twitter also claims that it is facing several risks till the deal with Musk gets closed. These include whether advertisers would continue to spend on the platform and other uncertainties.

Meanwhile, Musk’s deal even if it is successful will take months to materialize as he needs to secure his finances. Although he has raised loans it will still be a long way to go. This is the reason he has been speaking about reducing the operational costs of Twitter and has tweeted about eliminating the salaries of Twitter’s board of directors which could lead to savings of about 3 million dollars.

Shivangi AgarwalShivangi Agarwal
Shivangi is an honours graduate in English from Delhi University with a passion for reading and writing. Always keen to know more about the latest gadgets, when she is not reading about tech, she loves listening to Hindi music and grooving to the latest Hindi beats.

Related Articles

ImageThis Phone DESTROYS the Competition in AI! iPhone 16 Pro vs. Pixel 9 Pro XL vs. Galaxy S24 Ultra

AI has become an indispensable thing in smartphones these days, especially with the flagship ones. The main players in this are the Google Pixels, Galaxy S, and Apple’s iPhones. In this comparison, we’ll dive into the AI performance of the three major flagship devices of 2024: the Google Pixel 9 Pro XL, iPhone 16 Pro, …

ImageElon Musk now owns Twitter; Tweets bird is freed after firing CEO Parag Agrawal and other top officials

The hustle and controversy around Elon Musk-Twitter deal are finally over as Space-X and Tesla CEO buys out Twitter which has been in controversy since April. Elon Musk in the first order of business fired a number of significant executives including CEO Parag Agrawal. Apart from Parag who succeeded Jack Dorsey as CEO of Twitter, …

ImageElon Musk Twitter deal controversy: What happened until now and what to expect?

The battle between world’s richest man Elon Musk and social media giant Twitter, has almost come to an end. As a result, Elon Musk, as a brand, has taken a hit due to the complete scenario. Not only this, but the bankers and lawyers who sided with Musk on the issue are also going to …

ImageElon Musk’s X To Test “Not A Bot” Subscription For Mitigating Spam Accounts

Ever since Elon Musk took over Twitter, a lot has been going on for the microblogging platform. From restructuring the company’s workforce and changing the platform’s name to X to launching the Blue subscription for verification, Musk has turned a lot of stones to make something out of his multi-billion dollar deal. Now, X has …

ImageTwitter to charge you $8 per month for being a blue-tick user: Elon Musk confirms changes

The richest man in the world Elon Musk recently acquired the microblogging platform Twitter Inc for $44 billion dollars and ever since the ownership has changed, there has been a lot happening at Twitter. This includes Elon Musk walking into the headquarters with a sink in his hand to firing key staff members and the …

Discuss

Be the first to leave a comment.