Musk wants clarity on Twitter stock spam/fake accounts

Musk wants clarity on Twitter stock spam/fake accounts

San Francisco, 5/17/2022

Elon Musk said an acquisition of Twitter at a lower price is „not out of the question.“ Musk made the comments during yesterday’s All-In Summit in Miami, a conference hosted by Inside.com CEO and founder Jason Calacanis, Chamath Palihapitiya, David Sacks and David Friedberg for their „All-In“ podcast.

Musk expressed openness to renegotiating the $44 billion acquisition because of concerns about the number of bots on Twitter.

On Friday, he tweeted that the deal was on hold until he received information proving that spam/fake accounts on Twitter account for less than 5% of users.

Musk later added that he remains committed to the acquisition.

At Monday’s conference, Musk said, „What I’m currently being told is that there’s just no way to know the number of bots.“ Twitter and Musk have an agreement for a $1 billion reverse takeover fee.

Twitter’s stock closed Monday at $37.39, below the $54.20 per share Musk agreed to pay to acquire the company, a 38% premium at the time.