Technology

Twitter-Musk deal ‘temporarily on hold’ over estimates of spam, fake accounts

The acquisition deal of Microblogging platform, Twitter, by Tesla CEO, Elon Musk is currently on hold as the company in a filing on Monday estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.

The social media company had 229 million users who were served advertising in the first quarter.

Elon Musk who presented a take-over deal of $44 billion had tweeted that one of his priorities would be to remove “spam bots” from the platform.

Twitter said in the filing it faced several risks until the deal with Musk is closed, such as whether advertisers would continue to spend on Twitter and “potential uncertainty regarding our future plans and strategy.”

Reacting to the report on the filing, Musk on Friday tweeted, “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”.

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