Global NewsElon Musk: Twitter Buyout Deal Temporarily on Hold

Elon Musk: Twitter Buyout Deal Temporarily on Hold

-

- Advertisment -spot_img

Due to spam and fake accounts, Tesla CEO Elon Musk has said his $44 billion acquisition of Twitter has been placed temporarily on hold, subjected to pending investigations.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than five per cent of users,” Mr. Musk said in a tweet on Friday.

In the tweet, Mr. Musk cites a Reuters report where the social media platform estimated that false or spam accounts represented fewer than five percent of its monetisable daily active users during the first quarter.

Twitter’s share price dipped by 20 percent to around $36 in premarket trading in response to Mr. Musk’s announcement.

Mr. Musk, who had made an offer to buy Twitter for $44 billion in cash, had previously noted that his priorities included removing “spam bots” from the platform.

In April, Twitter reported an increase in its users but low ad sales. In light of Russia’s invasion of Ukraine, Twitter stopped advertisements in Ukraine and Russia in February.

The company noted 12 million new users in the quarter, its highest rise in users since the peak of the COVID-19 pandemic.

The stalling of Twitter’s acquisition came day after serving CEO Parag Agrawal fired two top executives and implemented a hiring freeze in light of its acquisition.

newswebbs
newswebbshttps://newswebbs.com
New Webbs is an independent online news platform launched with the aim of connecting the world with the latest news on the web.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mamuda Beverages Dragged to Court for Trademark Infringement With POP Power Energy Drink

Lagos, Nigeria - Mamuda Beverages Limited, a Kano-based beverage company, has been dragged to court again with its Pop...

Just In: Soludo Assures Anambra Indigenes in the UK of a Homeland of Opportunities

Anambra, Nigeria - In consolidation of his administration's three years in office and continuation of the town hall meeting...

FGN Moves To Foster Implementation Of FOCAC Agreements

As part of efforts to ensure the prompt actualization of agreements with the People’s Republic of China, the Federal...

Police Dismantle Cyber Fraud Training Centre In Lagos, Detain Suspects

Lagos, Nigeria - The police command in Lagos says it uncovered and dismantled an internet fraud training facility known...
- Advertisement -spot_imgspot_img

Zimbabwean Authorities Arrest, Charge Citizens Following Anti-Government Protests

No fewer than ninety-five (95) citizens had been arrested by the Zimbabwe police on Tuesday after a day of...

Tinubu Sacks NNPCL CEO, Kyari, Replaces With Ex-Shell MD, Ojulari

Lagos, Nigeria - President Bola Tinubu has disengaged the group chief executive officer of the Nigerian National Petroleum Company...

Must read

- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you