.elonmusk pauses Twitter deal on information known since 2019, shares plummet
However, the details Musk is citing as the reason have been known since 2019,has learned. Musk's announcement that the deal is on hold wiped 15 percent off Twitter's share price in pre-market trading.:"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users"
Musk's on-hold statement included a link to a Reuters article in which a brief summary of the filing mentioned the 5 percent figure. The article made no mention of previous filings.We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our mDAU during the quarter.
However, the company has said almost word-for-word the same thing in the previous 11 quarterly reports, changing only the date in the first sentence. The figure, 5 percent, has been constant. All of Twitter's previous reports are available on the company's investor site. The first to mention the fake account rate was the second quarter of 2019—nearly three years ago.At one stage shares were trading at just $34 dollars, nearly $20 lower than Musk's offer. At time of writing shares were trading at $40.40 per share, down around 10 percent. The price that Musk has put on Twitter is $54.20 per share, around $44 billion in total.
Musk has been vocal about free speech and fake accounts on the Twitter, and announced that he thought former president
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