Business
Musk puts $44 bn Twitter deal 'on hold' over fake user accounts

San Francisco/New Delhi, May 13
In a stunning post, Tesla CEO Elon Musk on Friday said that he has put the $44 billion Twitter deal temporarily on hold till he gets to know how many fake or spam accounts are present on the micro-blogging platform.
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users," Musk said in a tweet to his over 92 million followers.
Twitter's share price plunged 19 per cent on the news of the deal being put on hold.
Musk posted a link of an earlier Reuters' story that reported that Twitter estimates spam, fake accounts comprise less than 5 per cent of users.
Twitter estimated in a filing earlier this week that false or spam accounts represented fewer than 5 per cent of its monetisable daily active users during the first quarter.
The micro-blogging platform had 229 million users in the first quarter.
Musk has signed a $44 billion deal to take over Twitter, of which he will pay $21 billion from his own pocket while the rest will come as a loan from a consortium of banks.

7 minutes ago
KCR, Deve Gowda discuss 'topics of national importance'

10 minutes ago
Hectic preparations ahead of by-polls in Tripura

11 minutes ago
Mamta govt wants CM, not Governor, as Chancellor of state varsities

12 minutes ago
4 injured after Dalit wedding procession attacked in Gujarat

13 minutes ago
Need to connect with IT for employment, revenue: Goa Minister

14 minutes ago
Army porter injured in Kupwara encounter succumbs

15 minutes ago
TRS banners with 17 questions greet Modi in Hyderabad

36 minutes ago
468 exotic animals seized in Mizoram, 5 held

45 minutes ago
Anushka is not having an easy time on 'Chakda Xpress' prep

46 minutes ago
Nawaz to start shooting for 'Laxman Lopez' during winter in New York

47 minutes ago
Thriller 'On The Line' starring Mel Gibson to release in November 2022

48 minutes ago
Hrithik Roshan shares his last post with the 'Vikram Vedha' beard

49 minutes ago
Reecha Sinha on her latest romantic track 'Kanganey'