Twitter $44bn deal off if Spam/fake accounts is more than 5% – Elon Musk

Elon Musk has said that he will not proceed with the $44 billion Twitter deal if Spam/fake accounts on the social media platform is more than 5%. He made this known in a series of tweets in response to Teslarati, a California-based multi-platform media company and a leading publisher of news on Tesla, SpaceX, and ventures affiliated with Elon Musk.

According to Elon,

“20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does.”

So Elon is now putting the burden of proof on the Twitter CEO, Parag Agrawal. Parag had countered his previous allegation with a series of tweets explaining Twitter’s anti-spam policy ensuring that the spam/fake accounts percentage is lower than 5%.

Reacting to his position, Twitter said it was committed to completing the deal at the agreed price and terms “as promptly as practicable.”

Reuters reports that Twitter’s stock pared losses in premarket trading, but was down about 3% at $36.31, lower than its price on the day before Musk disclosed his Twitter stake, raising doubts if the billionaire entrepreneur would proceed with his offer of $54.20 per share.

I sincerely believe that Elon Musk is looking for a way to opt out of this deal. Now he is using spam/fake accounts as a reason.

Yesterday Twitter published its account on Tuesday of its deal negotiations with Elon Musk, showing he opted out of asking the questions about the social media company’s business he has now cited in declaring the $44 billion acquisition is “on hold.”

Elon is still garner support for his own position. He put out a Twitter poll to his 93.8 million followers if anyone has any experience that >95% of daily users on the platform are real.

The show continues….We will keep you posted.