- EWC Community
Elon Musk Backs Out of a Deal with Twitter
By: Aileen Liu
Elon Musk, the wealthiest person on Earth and the CEO of Tesla, had declined an offer for Twitter, one of the most popular social media platforms.
About a year ago, Musk stated that he might need to buy Twitter to protect free speech. Twitter has the feature of a limited character count you can type. This prevents people from saying whatever they want. He wanted to “fix” twitter since it was too toxic. Musk decided to make a deal with Twitter. He had started a $33.5 billion bid to buy Twitter.
The bid kept going up to $44 billion. This week, after the sale was agreed on, Musk announced he was backing out. He claims Twitter violated their agreement because it failed to give enough information on the number of fake and spam accounts.
Twitter reported that fewer that 5% of the accounts are fakes or spammers. Elon Musk has questioned these estimates multiple times. And according to a recent analysis by SparkToro and Followerwon, almost 20% of all Twitter accounts are likely fake. After receiving these numbers, Musk backed out of the deal leaving Twitter devastated.
Twitter, feeling defeated, had decided to sue Musk for backing out of their deal. Musk had not responded to this yet but what do you think he would do?