Billionaire Elon Musk on Friday tweeted that his ongoing deal to takeover social media platform Twitter is currently on hold. This is due to the pending details supporting calculations that spam/fake accounts do indeed represent less than 5 % of users.
He has been critical of Twitter’s policies and has said that in order make the platform a genuine free speech platform, it needs to be taken private. He had also promised that removing ‘bots’ from the platform will be his priority.
Twitter Face Risks
The social media company had said that it faced several risks until the deal with Elon Musk is closed. The revenue from advertisers will also be impacted and they will hesitate amid uncertainties. The company also tried to use the poison pill defense against Musk’s takeover, but couldn’t stop it.
Shares of Twitter fell 17.7% to $37.10, the lowest since Elon Musk disclosed his stake in the company. Musk has raised $25.5 billion of fully committed debt and margin loans from dozens of banks to finance the deal.
Elon Musk also preached a lot about how he will transform the posting guidelines of Twitter which will facilitate freedom of speech and expression. He also said that he will remove the Twitter ban on former US President Donald Trump.