The entrepreneur announced earlier to suspend the takeover of the social network, pending details of an audit on the volume of fake accounts.
Elon Musk delays. Two hours after he tweeted that “the agreement [pour le rachat de Twitter] is temporarily suspended“, the billionaire adds to be”always committedto acquire the social network.
The action of the social network, which had immediately fallen by 25% in pre-market trading, limited the losses by rising to -10%.
The boss of Tesla and SpaceX indicated this afternoon to wait for more details on the calculation method of an audit carried out by Twitter and published in early May. The latter claims that the volume of fake accounts on the platform, which spread spam and scams, represents around 5% of the 229 million monetizable daily users.
By comparison, Facebook deleted no less than 6.5 billion fake accounts in 2021. This represents nearly three times its volume of active users.
A billion dollar cancellation fee
Elon Musk has said on several occasions that the fight against fake accounts will be one of his priorities once he owns the social network. The timing of his announcement is surprising. “This figure of 5% was published a few days ago, he must have already seen it. All this could be an attempt to lower the price of the acquisition“Advance to Reuters an analyst from Hargreaves Lansdown.
The price of the acquisition, accepted at the end of April by the board of directors, is 44 billion dollars, of which nearly 20 billion come from the personal fortune of Elon Musk. The billionaire has already sold Tesla shares for $8.5 billion for this purpose.
According to the agreement signed between Elon Musk and the board of directors of Twitter, the entrepreneur will have to pay 1 billion dollars in termination fees if he renounces the takeover of the social network.
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