Within weeks of agreeing to buy Twitter, Elon Musk, the world’s richest man, announced the suspension. In a tweet on Friday, Musk said that the purchase of Twitter had been temporarily suspended due to a lack of information supporting spam or less than 5 percent of the total accounts. News Reuters.
Following his announcement, Twitter’s share price fell 17.7 percent to 37.10. This is the lowest share price since the announcement of the purchase of Mask Twitter in early April. Earlier, Elon Musk offered to buy Twitter at 54.20 per share.
Last Tuesday, when Twitter’s share price fell below 46.75, the chances of a deal at the price offered by Elon Musk diminished.
Twitter predicted earlier this month that the number of fake or spam accounts among the daily active users of the platform was less than 5 percent. This is their first quarter of this year i.e. January to March. At that time, Twitter showed ads to 229 million users.
On Friday, Musk tweeted that the deal to buy Twitter had been temporarily suspended because details of Twitter’s claim were not yet available.
Elon Musk, the world’s richest man, claims to be a man of the freedom of speech. He said that once Twitter was purchased, his priority would be to remove ‘spam bots’ from the platform. Spambots are automated or robotic programs that allow you to automatically tweet or spread spam from Twitter.
According to Twitter, the company is facing several risks until an agreement is reached with Musk. One is that there is no guarantee that advertisers will continue to advertise in it. There is also uncertainty about the organization’s plans and strategies.
Elon Musk has criticized Twitter’s editing policy. He says he wants to change Twitter’s algorithm so that it is universal. He is not in favor of giving extra power to the corporates who advertise here.
Earlier this week, Musk said he would return the account of former US President Donald Trump once he took ownership of Twitter. He also hinted at a change in the way the platform is edited.