Elon Musk Freezes Twitter Purchase – News Technology – Technology

On the morning of this Friday, the co-founder of Tesla and the richest man in the world, Elon Musk, announced that the purchase agreement that was going to be made to acquire the social network Twitter is “temporarily suspended”.

“Twitter Deal Temporarily Suspended pending details to support the calculation that fake accounts/spam represent less than 5 percent of users“, Wrote the businessman in his account on the social network.

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Musk’s announcement had a direct and immediate impact on the company’s shares, which in the early hours of this Friday register a 20 percent drop in electronic exchanges prior to the opening of the stock market of Wall Street.

Twitter said in an earlier presentation “that the average number of fake or fake accounts spam during the first quarter of 2022 represented less than 5% of our monthly daily active userss during the trimester”.

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Twitter says users are leaving en masse

Elon Musk’s deal contemplates paying $44 billion for the social network.

Musk said in a statement announcing their agreement to buy Twitter for $44 billion last month he wants to beat the bots of spamauthenticate all humans, and make their algorithms open source.

The businessman has also pointed out that would like to make the platform a bastion of freedom of expressionremoving the guardrails from content moderation.

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Currently, bot are allowed on Twitter, although according to company policy, such accounts are supposed to indicate that they are automated. The platform even released a label for “good” bots, like @tinycarebot, an account that tweets self-care reminders. However, the bot from spam they are not allowed and the company has policies designed to combat them.

Doubts about the deal

Doubts have grown in recent days that Musk could pull off his takeover of Twitter. The margin of the agreementwhich gives an indication of how much Wall Street believes the acquisition will be completed, it rose further on Thursday to $9.11 from $8.11 in the previous session.

That was the widest level since the billionaire launched its offer last month to buy Twitter for $54.20and double what it was last week when it announced a funding commitment of roughly $7.1 billion.

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Musk has also been in talks with investors to raise enough capital. and preferential financing for his proposed purchase of Twitter to eliminate the need for any margin loans tied to his Tesla shares, according to people with knowledge of the matter.

Recently revealed $7.1 billion in capital commitments from investors including Larry Ellison, Sequoia Capital, Qatar Holding and Saudi Prince Alwaleed bin Talal, with the latter bringing his Twitter shares into the deal.

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*With information from AFP and Bloomberg

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