Elon Musk’s bid to buy Twitter has hit a major snag. The billionaire Tesla boss’s purchase was agreed to in late April. Musk is now putting the entire process on hold.
In a tweet this morning, Elon Musk said that he wants to investigate the volume of fake users on the platform. Twitter estimated that less than 5% of its user base is made up of bots and spammers. Elon wants more details on the matter.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.
The news come on the heels of plunging stock prices for both Twitter and Tesla. It was reported that the electric car company had to recall nearly 130,000 vehicles. The on-dash infotainment systems have been overheating.
Elon Musk may be delaying the deal for reasons nobody knows about. It could also be an honest effort to get a proper valuation of the company. For the moment, Musk’s purchase of Twitter is on hold.
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