May 22, 2022

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Elon Musk pauses Twitter acquisition |  Financial

Elon Musk pauses Twitter acquisition | Financial

The reason for Musk highlighting this message is to wait for the results of the accounts, which should confirm that less than 5% of users have fake accounts. He also points to a message from the beginning of this month about an official document in which Twitter notes that less than 5 percent of daily users are made up of spam accounts. Now Musk wants to know how Twitter came to that conclusion. The number of active users is important to potential profitability because spam accounts do not respond to advertisements.

Musk’s notification to wait a while with the acquisition did not help Twitter’s stake. The price of the online messaging service fell by more than 17% in the so-called pre-market trading.

Musk, the world’s richest man, has $44 billion to spend on Twitter and wants to take the company off the stock exchange. This was previously approved by Twitter’s board of directors, but the contributors have yet to agree. The entire acquisition process is very difficult. Musk initially took a stake of more than 9%, then said he wanted to take a passive role, but soon after accepted a role on the board of directors. He returned to it a day later and then launched his takeover bid. Twitter seemed to be against it at first, but then accepted the offer.

However, there is still resistance. The SEC believes that Musk reported his stake acquisition too late, and as a result may have benefited from lower stock prices. The Florida Pension Fund believes that by taking interest first, Musk can only make a takeover bid in 2025 and go to court.

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At the launch of the takeover offer, Musk said he wanted to remove all automated spam accounts from the messaging service. Currently, automated accounts or bots are allowed on Twitter, but you must indicate that they are automated. However, spammers have already been banned, and Twitter is also trying to tackle these accounts.