Elon Musk Says Twitter Takeover Is ‘Pending’

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elon musk He escalated the drama surrounding his $44 billion bid to buy Twitter on Friday, saying in a tweet before dawn that the deal was done. “temporarily on hold” until he got more details on the volume of spam and fake accounts on the platform and tweeted two hours later that he was “still committed” to the purchase.

The announcements mark the latest chapter in an unfolding corporate saga that raises questions about freedom of speech online and the consequences of the world’s richest person taking over one of the most influential social media platforms.

Tesla’s CEO, Mr. Musk, said that once he takes over the platform, getting rid of fake accounts, bots and spam will be one of his top priorities. In his tweet, Mr. Musk referred to Twitter’s regulatory filing on May 2, which estimated that less than 5 percent of Twitter users were spam and fake accounts.

Known for his freelance and sometimes impulsive business style, Mr. Musk’s comments have left many wondering about the future of the deal.

Twitter has few restrictions on signing up for an account, and the company has long battled spam and bots. But putting an exact number on the scale of the problem proved difficult. on 2 May editor filingTwitter said it estimates less than 5 percent of its users are fake or spammy, a figure it previously announced. Twitter warned that it exercised “substantial judgment” in making the calculation and that “inaccurate or spammy account estimates may not fully reflect the actual number” in language similar to that used in the company’s past filings.

Mr. Musk’s comments were seen as either a tactic to lower the price of the purchase or an excuse to eventually withdraw altogether.

“Many will find that Musk is using these Twitter filing/spam accounts as a way to get out of this deal in a drastically changing market,” Wedbush analyst Daniel Ives said in a note to investors.

Twitter did not respond to a request for comment.

Mr. Musk’s surprise bid for Twitter has sparked considerable debate about a social media platform’s role in moderating what is said by its users. Twitter has spent years fighting hate speech, harassment and other online harassment, but Mr Musk, who has a history of using the platform to attack and belittle critics, has pledged to relax the company’s content moderation policies. On Tuesday, he said he would lift the ban on former President Donald J. Trump.

Withdrawing from the deal can mess things up. The acquisition deal includes a $1 billion fee that Musk would have to pay if he terminated the deal, but it was unclear how such a clause would apply if Mr Musk proved Twitter’s user numbers were wrong. If Mr. Musk’s debt financing is sound, Twitter could also take the billionaire to court to force him to pay the settlement.

Mr. Musk promised to exercise his right. personal wealth To fund the Twitter deal, a plan that has been affected by the recent drop in stock prices, including that of Tesla. Tesla’s stock has dropped nearly 30 percent last month. Mr. Musk is both selling Tesla shares and putting them as collateral for personal loans to raise cash.

If a deal is to be completed, commercial difficulties at Twitter could force Mr Musk to further withdraw his stake in the electric car maker to close potential financial gaps. Anything in Tesla that causes stocks to fall enough could trigger clauses in Mr. Musk’s personal loans that require him to add more collateral and limit his ability to invest in Twitter.

Tesla’s stock rose on Friday after Mr Musk’s comments.

Mr Musk’s offer has created uncertainty at Twitter, a company that is already struggling to add users and generate more revenue. On Thursday, Twitter’s CEO, Parag Agrawal, said: fired two senior executivesstopped new hires and promised to cut spending.



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