Twitter Deal On Hold

With Elon Musk, we should have known it wasn’t going to be that easy.

Musk tweeted out early Friday his $44 billion cash deal for Twitter was “temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 percent of users.”

Although shares of Twitter fell more than 20 percent in premarket trading, they bounced back after Musk sent out a follow-up tweet saying he is “still committed” to the deal.

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Musk agreed to buy Twitter on April 25. He also waived due diligence in an effort to push the social media giant to accept his “best and final offer.”

The Tesla CEO agreed to pay $54.20 per share, or around $44 billion, to acquire the company and take it private. That price represents a significant premium over the $41 the company’s shares are hovering around now.

Illustration: Tesla Owners Club Belgium Creative Commons photo