E-Paper
Twitter shares slump after Elon Musk says takeover on hold
Tesla CEO Elon Musk said in a statement announcing his deal to buy Twitter last month that he wants to defeat spam bots, authenticate all humans and make its algorithms open source.
Published on: May 13, 2022, 16:00:38 IST
Share via
Copy link
Twitter Inc. shares tumbled after Elon Musk tweeted that his $44 billion takeover of Twitter Inc. is “temporarily on hold” over a filing stating fake accounts contribute less than 5% of its users.
Twitter slumped 20% pre-market after Musk’s tweet, and Tesla shares rose roughly 5%.
Twitter said in a previous filing “that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our monthly daily active users during the quarter.”
Musk said in a statement announcing his deal to buy Twitter last month that he wants to defeat spam bots, authenticate all humans and make its algorithms open source.
