4/30/2023 0 Comments Susannah flood twitterMusk tweeted a Reuters story from ten days ago that cited the fake account figures. There was no immediate reaction from the investors that Musk tapped last week to raise $7.1 billion in funding. Twitter did not immediately respond to a request for comment. Some are tied to improve commercial results, while others are designed to create an impression that something or someone is more popular. Spam or fake accounts are designed to manipulate or artificially boost activity on services like Twitter. “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5pc of users,” Musk told his more than 92 million Twitter followers. The spread between the offer price and the value of Twitter shares had widened in recent days, implying less than a 50pc chance of completion, as investors speculated that the downturn would prompt Musk to walk or seek a lower price. Since then, technology stocks have plunged amid investor concerns over inflation and a potential economic slowdown. Musk, the world’s richest person, decided to waive due diligence when he agreed to buy Twitter on April 25, in an effort to get the San Francisco-based company to accept his “best and final offer” of $54.20 per share. The stock was off 12pc in heavy volume ahead of the market open as investors fretted over the takeover. Twitter shares initially fell more than 20 per cent in premarket trading, but after Tesla CEO Musk sent a second tweet saying he remained committed to the deal they regained some ground. NEW YORK: Elon Musk tweeted on Friday that his $44 billion cash deal for Twitter Inc is temporarily on hold while he waits for the social media company to provide data on the proportion of its fake accounts.
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