Bob Iger, who was the CEO of Disney at the time, said on Wednesday that the company thought a lot of people on the social media platform were fake.
Iger said that he didn't remember the number but that the value was discounted heavily. Iger said that it was not a majority of the platform's users, but he didn't specify what he meant.
The number of accounts on the platform that are bots has been maintained by the company.
It was reported in 2016 that Disney pulled out of a deal to acquire the social network because of concerns about abusive behavior on the platform. The market value of the company was 20 billion dollars.
Iger said on Wednesday that he had second thoughts about the purchase of the social network. The platform has the potential to do as much harm as good, he said.
"We're in the business of manufacturing fun at Disney, even though there are others that criticize Disney for the opposite, which is wrong," Iger said. "This was something that we were not ready to take on, and I was not ready to take on as the CEO of a company, and I thought it would be irresponsible," he said.
Iger's comments come at a time when a trial is about to take place.
Musk's $44 billion acquisition offer for the social media platform was made public in April, leading to a legal battle between the two companies.
The billionaire said he was putting the deal on hold until the company proved that less than 5% of its accounts were fake.
Musk stated in July that he was ending the deal. He was sued to make sure the contract was enforced. Musk said the company lied to him.
A request for comment from Insider was not responded to.
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