Elon Musk Halts His Plan To Buy Twitter

Elon Musk has been on a mission to buy Twitter for weeks, but it looks like the billionaire’s plans have hit a snag. The Tesla CEO has confirmed his plan is temporarily on hold due to spam accounts statistics.

Earlier today, Elon retweeted a piece by Reuters that explains how fake or spam accounts make up less than 5% of daily users on the platform that are monetizable. The businessman said he’s requested further information to verify whether this is true.

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“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” he wrote. However, he followed up the tweet with another confirming he still intends to buy the social media site, writing, “Still committed to the acquisition.”

Elon first expressed interest in buying the platform for $44 billion in April. He’s said he wants to make it “politically neutral” and promote freer speech.

“I want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans,” Elon said after Twitter announced they’d entered negotiations.

“Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it,” the SpaceX founder added.

There’s been speculation over what changes will come to the platform if and when Elon takes over. Twitter’s CEO Parag Agrawal has previously said the future direction of the site is unknown.

“Once the deal closes, we don’t know which direction the platform will go,” he previously said when asked if former U.S. President Donald Trump’s permanently banned account would be reinstated.

Trump was banned from Twitter in January 2021 after it was argued his posts fuelled the insurrection on Capitol Hill. Trump recently lost a lawsuit in which he argued the ban infringed on his right to free speech.

However, Elon has since confirmed he’ll reinstate the former president’s account, so long as his Twitter buyout is successful.

“I think that was a mistake because it alienated a large part of the country and did not ultimately result in Donald Trump not having a voice,” Elon explained. “So, I think this may end up being frankly worse than having a single forum where everyone can debate.”

But with the acquisition temporarily halted, it’s unclear what the timeline is to seal the deal. Even more, a lawsuit was launched in Delaware against Elon and Twitter Inc. that may interfere with the acquisition.

The class action lawsuit, filed by the Orlando Police Pension Fund, argue that Elon was already an “invested shareholder” prior to the negotiations. As such, Delaware law stipulates deals of this nature cannot be closed before three years unless two-thirds of shareholder sign off. The case is pending.

Sources: Reuters, PEOPLE Magazine,

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