Breezy Explainer: Why has Elon Musk put the Twitter deal on hold?

Tesla CEO Elon Musk stated that the Twitter deal is currently on hold. Read to know everything we know so far.

Twitter deal on a temporary hold

On Friday, SpaceX and Tesla CEO Elon Musk revealed that the Twitter deal is currently on hold. Musk had put forth a hefty $44 billion offer for acquiring the social media platform. The “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” tweeted Musk. However, he assured people via Twitter that he is still committed to the deal.

Twitter did not immediately respond to Musk’s new announcement. Earlier in May, Twitter estimated that spam or false accounts make less than five percent of the monetizable active users per day. These estimates are for the first quarter of this year. Musk has previously revealed some of his priorities for the platform. This includes the removal of spambots that are rampant on the platform—stressing that he “will defeat the spam bots or die trying”.

More about Musk’s plans and current developments

The social media platform also stated that it was facing several risks under the new deal proposed by Elon Musk. This includes whether advertisers would continue to spend on Twitter. Additionally, they have concerns about the “potential uncertainty regarding future plans and strategy”.

Musk’s offer for buying the social media platform sent shockwaves through the business and tech world. Several revealed concerns that under Musk, the platform would take over a ‘right-of-center’ political leaning. The billionaire is famous for his tweets. Additionally, he is considering restoring Trump’s Twitter account again. Former US President Donald Trump‘s account was suspended on January 6 last year following the riots on Capitol Hill by his supporters.

This article Breezy Explainer: Why has Elon Musk put the Twitter deal on hold? appeared first on BreezyScroll.

Read more on BreezyScroll.