Science

Social media. Elon Musk puts Twitter takeover on hold but says he’s still engaged after stock market crash

Tesla boss and richest man on the planet, Elon Musk, said on Friday that he was suspending his takeover of Twitter pending details on the social network’s share of fake accounts.

“The Twitter acquisition is temporarily on hold pending details that spam and fake accounts account for less than 5% of users,” he wrote on the platform, where he has nearly 93 million followers.

The group’s shares fell about 20% after this announcement on Wall Street before rebounding to 11%. Immediately, the billionaire posted a new tweet claiming he was “still committed” to the Twitter takeover.

Shares of Twitter, which fell after the suspension was announced, limited their losses somewhat, but shed about 11% in electronic trading ahead of the Wall Street opening.

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The social network’s board of directors passed a $44 billion takeover bid in late April, formulated by a fractious South African-born leader. Elon Musk promised to rid Twitter of spam, authenticate users and increase transparency, without specifying how he intends to implement this project.

Plus or minus 5% of fake accounts?

The company indicated in early May during the presentation of its quarterly results that an average of 229 million users per day are considered monetized, that is, exposed to advertising. In this case, she calculated that less than 5% of them were spam or fake accounts.

Mr. Musk also said he wants to make the platform a bastion of free speech and has said he is ready to reinstate former US President Donald Trump, whose account was permanently banned following the January 2021 Capitol attack.

After the Tesla and SpaceX boss’ takeover bid, Twitter’s market value has shrunk by billions of dollars. On Friday, the stock traded at just over $36, well below the $54.20 per share purchase price offered by the billionaire.

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