decrypt.co
Tesla CEO Elon Musk said today that his planned deal to acquire Twitter could "not move forward" until the social media company is able to provide more information as to how many fake accounts exist on the platform.
"20% fake/spam accounts, while 4 times what Twitter claims, could be much higher," tweeted the SpaceX and Tesla CEO on Tuesday.
20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.
My offer was based on Twitter’s SEC filings being accurate.
Yesterday, Twitter’s CEO publicly refused to show proof of <5%.
This deal cannot move forward until he does.
— Elon Musk (@elonmusk) May 17, 2022
Last Friday, Musk said that his $44 billion acquisition of the social media platform was "temporarily on hold" until he could verify that less than 5% of Twitter users were "spam/fake accounts." He cited a May 2 report from Reuters for these figures.
Putting the deal on hold seemed to have a much more bearish effect on Twitter's stock price. At that time, TWTR sunk by 19% following Musk's comments.
Today, the stock is down roughly 3% premarket.
This article is breaking and will be updated shortly.