Musk says $44 billion Twitter deal on hold over fake account data

Elon Musk

I was on vacation last week so I am catching up on some of the news and I am shocked, shocked, that the world’s richest man, who has decided to use his influence to be the world’s biggest troll, is doing everything he can to soak up attention. (No, he won’t end up buying it, but he’ll squeeze every bit of attention he can out of it and part of that will be playing around with the intrigue of him bringing Trump back. This was just about attention, not about actually doing any work.)

Musk, the world’s richest person, decided to waive due diligence when he agreed to buy Twitter on April 25, in an effort to get the San Francisco-based company to accept his “best and final offer.” This could make it harder for him to argue that Twitter somehow misled him.

Since Musk inked his deal to acquire Twitter, technology stocks have plunged amid investor concerns over inflation and a potential economic slowdown.

The spread between the offer price and the value of Twitter shares had widened in recent days, implying less than a 50% chance of completion, as investors speculated that the downturn would prompt Musk to walk away or seek a lower price. read more

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk told his more than 92 million Twitter followers.