Global News, News

Elon Musk puts Twitter deal temporarily on hold

Elon Musk puts Twitter deal temporarily on hold 1

World’s richest man, Elon Musk has temporarily suspended his acquisition of Twitter over data on spam/fake accounts.

Musk made the announcement in a tweet on Friday.

ALSO READUpdate: Twitter accepts Elon Musk’s $44bn takeover bid

In the tweet, the Tesla Inc Chief Executive said: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”

The deal is worth N18 trillion ($44 billion).

Musk had agreed to buy the microblogging and social networking company on April 25 at a valuation of N22,507.09 ($54.20) per share.

Earlier, Twitter shares reportedly fell by “more than 20% in premarket trading but picked up again after Musk tweeted “still committed to acquisition” hours later.

ALSO READ: I’m homeless, says world’s richest man, Elon Musk

Musk who has been vocal about monetizable daily active usage or users (mDAU), had told his 92 million Twitter followers days ago he was committed to ridding the platform of “spam bots”.

Should Musk decide not to go on with the deal, he is obligated by the contract to obligated to pay Twitter a “$1 billion break-up fee”.

Previous ArticleNext Article
Kingsley Bassey is a talented Journalist, Creative Content Provider and Event Host with a strong creative vision. Passion, excitement, versatility and audience satisfaction are key features of his craft - all thanks to his extensive background in theatre and broadcasting
Send this to a friend