- Nov 10, 2017
Last month, Twitter announced that it has struck a deal with Elon Musk to acquire the micro-blogging platform for $44 billion or $54.20 per share in cash.
Now, Musk has confirmed that the deal has been put on hold. According to Musk's latest tweet, the Twitter acquisition has been put on hold as he verifies Twitter's claim that less than 5% of the users are bot/fake accounts.
Last week, Twitter disclosed that it estimates fake or spam account count to be less than 5% of its monetizable daily active users during the first quarter.
According to the terms of the agreement, Musk will have to pay a billion dollar penalty if he backs out of the Twitter deal. In a subsequent tweet, Musk said he is committed to acquiring Twitter:
Elon Musk on Friday confirmed that he is putting Twitter's acquisition on hold while his team verifies the social media platform's claims that less than 5% of the Twitter users are fake or spam bots.