PHOTOS

Elon Musk-Twitter deal on hold for now: Key things to know

New Delhi: Elon Musk revealed that the Twitter transaction is currently on hold due to the quantity of spam and fraudulent accounts on the platform. The latest development comes after Musk claimed last month that he would buy the microblogging site for $44 billion (approximately Rs. 3,40,800 crore). As a result of the acquisition, Musk stated that he will make Twitter algorithms open source and alter its regulations to better encourage free expression on the network. Shortly after Musk's announcement, speculations surfaced suggesting that the entrepreneur may renegotiate the contract.

Zee Media Bureau|

Updated:May 14, 2022, 05:50 PM IST

1/10

Elon Musk

The US Federal Trade Commission(FTC) recently investigated Elon Musk's acquisition of Twitter. The Open Markets Institute recently called for the deal to be halted, claiming that it would give the world's wealthiest man "direct control over one of the world's most important forums for public communication and discussion."

2/10

Donald Trump

Musk recently indicated that after the transaction is completed, he will lift Twitter's ban on former US President Donald Trump. While addressing at the Financial Times Future of the Car conference, he labelled the choice "morally wrong and flat-out foolish." Musk also garnered backing from US Republicans — Trump's political party — for the acquisition, however Democrats were not thrilled.

3/10

Musk investment in Twitter

In a regulatory filing before the acquisition, Musk revealed that he owned a 9.2 percent investment in Twitter.

4/10

Twitter shares

As the company's shares fell to their lowest level since the agreement became public on April 25, investors speculated that Musk might not buy Twitter for the agreed price of $44 billion.

5/10

Investors

Musk claimed to have received about $7 billion (approximately Rs. 54,200 crore) in funding for his $44 billion acquisition from a group of investors including Oracle Co-Founder Larry Ellison.

6/10

Twitter shareholders

According to the terms of the agreement, Twitter shareholders will get $54.20 in cash for each share they own once the planned transaction is completed, the firm stated last month in a public statement.

7/10

Twitter

In April, Elon Musk stated that he would buy Twitter for $44 billion. The San Francisco, California-based company will become a privately held company after the transaction is completed.

8/10

Twitter spam accounts

In a filing earlier this month, Twitter stated that bogus and spam accounts account for less than 5% of all users on the platform.

9/10

Twitter response

Twitter is still yet to respond publicly on the situation. Elon Musk has also not stated whether he is concerned about the number of spam and false users provided by Twitter.

10/10

Twitter deal on hold

"Twitter deal temporarily on hold pending details supporting calculation that spam/ fake accounts do indeed represent less than five percent of users," Musk tweeted.