Money makes money and these 10 people of the Bloomberg rich list have made a lot of it over the years. And by a lot, we mean a LOT! Image via Twitter
@elonmusk

Elon Musk Twitter deal hits a snag – could this DERAIL his takeover?

It seemed like a done deal, but Elon Musk’s bid to purchase Twitter has now been put on ice – due to this stumbling block.

by Tom Head

17-05-2022 11:46

in Business

Money makes money and these 10 people of the Bloomberg rich list have made a lot of it over the years. And by a lot, we mean a LOT! Image via Twitter
@elonmusk

Elon Musk didn’t get where he is today by making dodgy deals – and the tech billionaire believes he can smell a rat at Twitter. His attempts to purchase the social media site has now hit a snag, thanks to a row about ‘fake accounts’.

Why has Elon Musk’s Twitter bid stalled?

Twitter HQ stated on Monday that ‘bots’ make up fewer than 5% of all accounts on the site. However, the firm has controversially refused to provide proof to the public. This led to Elon Musk and his team challenging the data.

It’s estimated that the real figure is above 20% – and the Pretoria-born businessman feels that his $44 billion bid for the company must be reduced, once the total number of fake accounts has been verified.

Quite simply, Elon Musk doesn’t want to pay full price for a product that may have an inflated value. He insists that his initial offer is based on ‘accurate findings’ on this matter from Twitter. He’s now skeptical of the figures that have been presented.

Twitter takeover deal could be… Elon-gated

Musk shared a post on the site earlier today, stating that ‘no deal can move forward’ until Twitter can show proof of how many accounts aren’t actually manned by real people. The biggest takeover in modern history, therefore, has been put on ice.

“Even if 20% of the site is fake/spam accounts – already four times what Twitter claims – that number could be *much* higher.”
“My offer was based on Twitter’s SEC filings being accurate. Yesterday, their CEO publicly refused to show proof that fewer than 5% of all accounts are fake/spam. This deal cannot move forward until he does.”
Elon Musk