Musk Says Twitter Deal Is on Hold Pending “Fake Account” Report – Observer Staff

Elon Musk tweeted early Friday that his deal to acquire Twitter was on hold pending details on the number of “fake accounts” on the platform.

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

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn

— Elon Musk (@elonmusk) May 13, 2022

The linked Reuters article concerns a recent Twitter SEC report that contains the stats Musk cited.

Twitter shares were down in premarket trade, but had rallied since Musk announced first his stake in the company and then his intent to acquire it. The Twitter board approved his offer in recent weeks. So far Musk has lined up 18 co-investors as well as contributed significant resources to the fund the takeover — leading to a potentially complicated ownership structure.

Read More