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Elon Musk Announces That The Twitter Buyout Is "Temporarily On Hold" While He Gathers More Details On Spam And Fake Accounts

By Gina Florio··  2 min read
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Billionaire entrepreneur Elon Musk made a deal to purchase Twitter at $44 billion, making him the talk of town for weeks.

While many people threatened to leave Twitter because of Musk's pending takeover, even more were thrilled at the prospect of having a new leader heading their favorite social media site. But it looks like there are a few things that need to be straightened out before the buyout is finalized.

Elon Musk Announces That the Twitter Buyout Is "Temporarily on Hold"

This morning Musk tweeted an update on the Twitter deal. "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," he wrote. "Still committed to acquisition." He also shared a Reuters article that explained the ongoing situation.

Musk has been vocal recently about the importance of cleaning up spam accounts on Twitter. Twitter reported a couple weeks ago that fake accounts only made up less than 5% of the platform's 229 million users so far in 2022. However, the company said they "applied significant judgment, so our estimation of false or spam accounts may not accurately represent the actual number of such accounts."

"The actual number of false or spam accounts could be higher than we have estimated. We are continually seeking to improve our ability to estimate the total number of spam accounts," the report read.

Musk is skeptical of Twitter's estimate of spam accounts, and for good reason. He wants to be sure that these numbers are correct before he follows through with the purchase. Twitter's stock fell 17% to $37.20 before trading opened this morning while Tesla's stock rose 5%. If either party walks away from this purchase, they must pay the other $1 billion in fees.

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