twitter deal pending: Elon Musk says a $ 44 billion Twitter deal is on hold

Chennai: Elon Musk Friday said the deal would take over Twitter is “on hold” until there is clarity that spam or fake accounts account for less than 5% of the microblogging site.

Agreement on Twitter temporarily suspended pending details to support the calculation that spam / fake accounts actually represent less than 5% of users, “tweeted Musk.

Shares of Twitter plunged 20% in pre-market trading after Musk’s tweet on Friday that the deal had been terminated over details on a recent Twitter filing.

The microblogging site said in its latest quarterly results “that the average of fake or spam accounts during the first quarter of 2022 represented less than 5% of our monthly daily active users during the quarter.”

ETtech

Illustration: Rahul Awasthi

Discover the stories of your interest

Musk’s effort to reform Twitter included fighting fake accounts. In a statement announcing his agreement to buy Twitter last month, he said he wanted to fight spam bots, authenticate all humans, and open up the company’s algorithms.

On April 25, the CEO of Tesla and Twitter reached an agreement to buy Twitter.

Musk’s latest tweet came against the backdrop of Twitter’s hiring freeze as part of its pre-deal cost-cutting measures.

Kayvon Beykpour, head of consumer product, and Bruce Falck, head of revenue product, were both invited to leave the microblogging site by CEO Parag Agrawal.

Beykpour said in a tweet Thursday that he was “asked” to leave Agrawal while he was on paternity leave. He said Agrawal wanted to “take the team in a new direction”.

Bloomberg contributed to this story.

Stay on top technology Other startup news what matters. subscribe to our daily newsletter for the latest and greatest tech news, delivered straight to your inbox.