The gadfly billionaire who recently decided he wants to add the social media platform to his collection of tech firms has just announced that his $43 billion bid is for the company.
It's hard to know if this is a serious concern or if Musk is getting cold feet. Musk is posting with who knows what legal consequences.
At the time of writing, the company had not commented, but we reached out to them for a response to Musk.
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
— Elon Musk (@elonmusk) May 13, 2022
After taking over the company, Musk promised to tackle the problem ofspam, saying he would make it a priority.
If more than 5% of users are fake, there is a risk that Musk will be paying too much for it. The platform could shrink up to 5% or more if the calculations are off.
Musk links to a story from May 2nd that states that false or fake accounts made up less than 5% of the total active users.
229 million users were served advertising in the quarter.
Where will this saga go next? It's anyone's guess. With the company's share price down further in pre-market trading today, it's already extremely messy and damaging. There are still questions over the board's decision to accept Musk's offer.
A bunch of senior staff were fired ahead of the change of direction. There have been reports of users leaving the platform due to the fear that Musk would allow toxic hate speech on the platform.
Will Elon Musk put Twitter on a collision course with global speech regulators?
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A complete timeline of the Elon Musk-Twitter saga
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