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Wednesday, May 25, 2022

Elon Musk puts $44 billion Twitter deal on hold after report on active users

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Elon Musk has announced that the $44 billion deal for Twitter is currently on hold. Ironically, the world’s richest man made this move public on Twitter. The billionaire revealed that the Twitter deal worth $44 billion is temporarily on hold. The decision has been taken after Twitter’s filed a report claiming that under 5 percent of its active users represent spam/fake accounts. Also Read – Google CEO Sundar Pichai remains optimistic for Twitter under Elon Musk

One of Musk’s primary targets for acquiring Twitter was to weed out bots and spam from the platform. He insisted on better use of algorithms to make this change. Currently, there’s no clarity if the Twitter deal will actually go through. Also Read – Twitter CEO shares a memo with employees over firing top execs, issuing hiring freeze

Musk has been looking for investors to partake in the $44-billion-deal. Last week, the billionaire, in a filing disclosed that he managed to get investors pitch in $7.1 billion towards finalising the Twitter deal. Musk also liquidated $8.5 billion worth of his shares to propel the deal. Also Read – Twitter CEO Parag Agrawal fires two top officials; announces hiring freeze

 

 





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