So Elon Musk tweeted early Friday morning that he is ‘putting his bid to acquire Twitter on hold’, weeks after agreeing to take the company private in a $44 BILLION deal.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted.
So you know, Twitter guesstimates that fake or spam accounts made up fewer than 5% of the platform’s active users.
Two hours after all hell broke loose his first tweet, Musk posted that he is “still committed to acquisition.”
The stock tumbled 20% on the news.
Musk turned “this Twitter circus show into a Friday the 13th horror show,” wrote tech analyst Dan Ives of Wedbush Securities in a note to clients early Friday.
Remember, Musk would owe Twitter a $1 billion breakup fee if he were to cancel the deal, but that’s pocket change to the Tesla CEO.
