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Musk says Twitter deal will not ‘move forward’ until further clarification on fake accounts
By Shubhangi Mathur - May 17, 2022, 04:39 PM ET
Last Updated - Feb 28, 2024, 07:27 AM EST
Elon Musk said on Tuesday the Twitter Inc (NASDAQ: TWTR) deal will not move forward until the company provides detailed information on the number of fake or spam accounts
• The Tesla CEO had earlier this week put the deal on hold
Elon Musk said on Tuesday the Twitter Inc (NASDAQ: TWTR) deal will not move forward until the company provides detailed information on the number of fake or spam accounts.
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Musk, who agreed to buy Twitter for $44 billion, had earlier this week put the deal on hold saying the information on the number of fake accounts on the platform is still pending.
Twitter had mentioned in a filing that of the monetizable daily active users (or mDAUs), the number of fake or spam accounts were fewer than 5% during the first quarter.
Musk, on the other hand, alleges that the fake accounts are four times higher than what Twitter claims.
“20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher,” Musk tweeted.
“My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does.”
Twitter CEO Parag Agarwal said on Monday that spam accounts on the social media platform were "well under 5%” for the last four quarters.
Picture Credits: Reuters
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