Musk says deal to buy Twitter ‘temporarily on hold’

Elon Musk said on Friday he was putting a temporary halt on his much-anticipated deal to buy Twitter, sending shares in the social media giant plunging. 

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” he wrote on Twitter.

Musk, the world’s richest man and founder of automaker Tesla, had made the eradication of spam accounts and bots one of the centrepieces of his proposed $44 billion takeover of Twitter.

When the deal was announced in late April he said he wanted to make Twitter “better than ever” by “defeating the spam bots and authenticating all humans”.

But his potential stewardship of the social media platform has hit several bumps since then.

On Wednesday, Musk said he would be open to lifting a ban on former president Donald Trump imposed after the attack on the US Capitol on January 6, 2021.

Activist groups had called on advertisers to boycott the platform if Musk opened the the gates to abusive and misinformative posts.

Friday’s announcement saw shares drop by 20 percent in early electronic trading before Wall Street opened. – Agence France-Presse

We make it make sense

If this story helped you navigate your world, subscribe to the M&G today for just R30 for the first three months

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Afp
Guest Author

Related stories

WELCOME TO YOUR M&G

Already a subscriber? Sign in here

Advertising

Latest stories

Yengeni’s complaint against Zondo is legally uncertain

The chief justice was acting in a non-judicial capacity when chairing the state capture inquiry, so the complaint probably falls outside the law but underscores the risk of naming sitting judges to investigate political scandals

Covid-19 escalates xenophobia in South Africa – Report

Politicians have increasingly come under scrutiny for their alleged inflammatory comments which have been taken as endorsement by anti-foreigner activists

Metaverse: Virtual economy to pump $40bn into African GDP

A study suggests that the virtual world platform could plug more than 40 billion US dollars into the African economy in its first decade.

Bradley Carnell’s shot at US footballing greatness

St Louis City’s head coach has the opportunity to build a legacy from scratch at the midwest club, the latest franchise added to the Major League Soccer.
Advertising

press releases

Loading latest Press Releases…
×