Elon Musk has stated that his $44 billion (£35 billion) buyout of Twitter will not go forward until the social media giant can demonstrate that less than 5% of its users are spam accounts.
Tesla’s CEO said on Twitter that the purchase will not go forward until the company can demonstrate that only a small percentage of its customers are phony. Last week, Musk put the deal on hold after questioning Twitter’s claim in filings with the US Securities and Exchange Commission that just a small percentage of its users are phony.
“My offer was based on the accuracy of Twitter’s SEC filings. The CEO of Twitter publicly declined to offer proof of 5% yesterday. This transaction will not be completed unless he does.”
While Twitter claims 20% fake/spam accounts, the number could be much higher.
My offer was predicated on the accuracy of Twitter’s SEC filings.
The CEO of Twitter publicly declined to offer proof of 5% yesterday. Until he does, the agreement cannot move forward, according to Reuters News.
After questioning Twitter’s allegation in filings with the US financial regulator, the Securities and Exchange Commission, that a small percentage of its users are fraudulent or spam, Musk stated last week that the deal was “on hold.”
In a lengthy twitter thread on Monday, Twitter CEO Parag Agrawal attempted to address Musk’s worries, but his attempts to explain the situation “with the benefit of data, facts, and context” were received with a poo emoji from the world’s richest man.
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