The purchase of electric car giant Tesla chief Elon Musk by microblogging site Twitter is taking a new turn. Musk has recently expressed doubts about the number of spam and fake accounts showing up on Twitter. He revealed that the deal was being put on hold in the wake of this. He added to his tweet the news that Twitter revealed in the March quarterly results that spam and fake accounts account for less than five per cent of the daily active users.
"The number of fake accounts among the total users is actually less than five per cent. We are suspending the Twitter deal until the details are confirmed," Musk said. It is unknown at this time what he will do after leaving the post. Things are changing rapidly on Twitter. Twitter fired two top managers.
Enough to get out of the deal ..
Industry sources believe that Musk seems to be showing excuses for fake accounts to get out of the deal. Instead of spending $ 44 billion on the takeover, Musk plans to tie up a maximum of $ 1 billion in compensation. Tesla's focus on Twitter, contrary to investor preference, could also be a factor in the business's groove. On the other hand, some observers believe that Musk may want to make the company's stock market plummet and make it cheaper.
Share on Twitter
Shares of Twitter traded down more than 10 per cent at $ 40.01 on Friday on news that the takeover deal had broken. Tesla jumped more than six percent to trade at $ 775. Shares of Twitter traded at around $ 45 on the day Musk offered to pay $ 54.20 per share. The deal then topped $ 50 with news. But dropped to the level of $ 40 with the latest conditions.
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