Elon Musk said his planned $44 billion purchase of Twitter is “temporarily on hold” pending details on spam and fake accounts on the social media platform.
The problem of fake accounts on Twitter is not a secret.
Sara Silver, a professor of business journalism and financial communication at Quinnipiac University, said it appears Musk is using the number of spam accounts as a pretext to pull out of the deal. But shares of Tesla, which Musk has been selling to fund some of the acquisition of Twitter, have tumbled since it was revealed the social platform had become a Musk target.
and the possibility that acquiring Twitter could be a distraction from running the world’s most valuable automaker. worth of his Tesla shares to help finance the Twitter purchase. Wedbush analyst Dan Ives, who follows both Tesla and Twitter, called Musk’s tweet “bizarre” and said Wall Street is skeptical. “The street view is that he’s trying to find an excuse to basically talk down the deal price or walk,” Ives said.He added that Musk’s use of Twitter rather than a financial filing to make the announcement was troubling and “sends this whole deal into a circus show with many questions and no concrete answers as to the path of this deal going forward.
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