Elon Musk put his Twitter takeover on hold early Friday amid speculation he paid too much for the social media platform. In a follow-up tweet, the world’s richest man reiterated that he is “still committed to the acquisition.”
For now, the buyout is “temporarily on hold,” pending an investigation into the number of fake/spam accounts on the site.
The Daily Wire reports:
Musk has vowed to clean up spam accounts on Twitter by “defeating the spam bots.” The company has long been plagued by fake accounts set up to post automated content, some of which has been deemed misinformation. The company earlier this month that fake accounts made up fewer than 5% of its daily active users during the first quarter of this year.
A higher number of fake accounts could hurt Twitter’s market value and affect its advertising rates. Some critics have estimated as much as 30 percent of Twitter’s accounts could be fake.
Under the terms of the deal, if either Twitter or Musk back out for any reason, they owe the other side a $1 billion termination fee.
On Thursday, word came out of the company that two of its top leaders have been ousted as the social media platform begins to make changes ahead of Musk’s expected arrival.
This story is developing. Stay with American Liberty News for the latest updates.