• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Twitter Shares Fall 18 Percent After Elon Musk Said The Twitter Deal Is On Hold Until The Number Of Fake Accounts On The Platform Is Ascertained

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
May 13, 2022
in Uncategorised
Share on FacebookShare on Twitter

Tesla and Space X’s CEO Elon Musk

On Friday, Tesla and Space X’s billionaire CEO Elon Musk announced that his deal to buy social media company Twitter for $44 billion is on hold pending when he receives information on the number of fake accounts that exist on the social media platform.

Following the announcement, Twitter’s shares plunged 18 percent. The company’s market value had dropped to $9 billion before the Friday announcement came. The declines that the company has suffered so far are all associated with the $44 billion bid by Elon Musk.

Twitter is yet to comment about the Elon Musk announcement.

Elon Musk who offered to buy Twitter for $44 billion last month made it very clear that he intends to remove spambots on the platform. He also mentioned quite a list of other changes that he intends to bring to the platform especially enforcing free speech. This week, Elon Musk said that he would reverse Twitter’s ban on former President Donald Trump once his deal to acquire Twitter is completed. Speaking at the Financial Times Live’s Future of the Car Conference, the billionaire said that “Permanent bans should be extremely rare and really reserved for accounts that are bots, or scam, spam accounts… I do think it was not correct to ban Donald Trump. I think that was a mistake because it alienated a large part of the country and did not ultimately result in Donald Trump not having a voice.”

In a filing by Twitter earlier this month, it estimated that about 5 percent of its monetizable daily active users in the first quarter of this year were bots or spam accounts. Elon Musk, therefore, wants the company to confirm this before he proceeds to complete the Twitter deal. The social media company added in the filing that it had 229 million users in the first quarter.

On Monday, Hindenburg Research, an investment research firm said that Twitter may not receive a bid as good as Elon Musk’s if the billionaire and Tesla CEO decides to back down from his $44 billion deal with the company. “Musk holds all the cards here,” the research firm which holds a short position on Twitter said in a recent report adding that “If Elon Musk’s bid for Twitter disappeared tomorrow, Twitter’s equity would fall by 50% from current levels. Consequently, we see a significant risk that the deal gets repriced lower.”

Elon Musk will be required to pay Twitter a termination fee of $1 billion if he can’t secure funding for his bid. Twitter will also have to pay Elon Musk $1 billion in breakup fee if the company decides not to go through with the deal as a result of another offer.

Related Posts:

  • Twitter's Legal Team Accusses Elon Musk Of Violating An NDA
  • torrent malware
    Twitter Loses Three Key Senior Employees Ahead Of…
  • https___cdn.cnn.com_cnnnext_dam_assets_220504143626-elon-musk-050222
    Elon Musk Has Put The Twitter Deal On Hold Over…
  • Twitter Will Receive Lower Bids If Elon Musk Revokes…
  • Elon Musk Is Ready To Acquire Twitter, And At The Original Price He Intended
    Elon Musk Is Ready To Acquire Twitter, And At The…
  • iphone-7-BGR
    Twitter To Pursue Legal Battle With Elon Musk After…
  • A photo illustration shows Elon Musk’s twitter account
    Breaking: Elon Musk Notifies Twitter Of Deal Termination
  • The Trial Between Twitter And Elon Musk Is Set To…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1 May 9, 2025
    • Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges May 8, 2025
    • Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo May 8, 2025
    • Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier May 8, 2025
    • WhatsApp Developing AI Chat Wallpapers & Message Summaries May 8, 2025
    • Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts May 8, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    May 9, 2025
    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    May 8, 2025
    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    May 8, 2025
    MTN Recovers ₦32 Billion in USSD Fees

    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier

    May 8, 2025
    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    May 8, 2025
    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    May 8, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok