Elon Musk Offers to Buy Twitter But is Now Walking Away From Deal
By: Rachael Liu
The richest person, Elon Musk, decided to buy twitter in April. In May, the deal was temporarily paused because twitter failed to provide enough information on how many spam and fake accounts there were.
Elon Musk is the richest person, founder of SpaceX, and CEO of Tesla.
Twitter claims that the percentage of spam and fake accounts are 5%, but Mr. Musk thinks there could be 20% or more. This is why the deal has been delayed.
Twitter has a problem with spam accounts. These accounts are designed to spread information on a big scale. Since then, Twitter has removed one million spam accounts daily. Market analysts said the worry over fake accounts could serve as a pretext for Musk to bargain a lower price for the acquisition or abandon the effort altogether. Because of this, Twitter is suing Musk.
Twitter wants to push the deal through, according to Bret Taylor, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk.”