UPDATING: Elon Musk Now Declared the Twitter Deal can’t move forward until accurate numbers on the bot accounts are provided. Here is his most recent tweet on the subject. From what it seems, Musk may decide not to go ahead with the deal:
20% fake/spam accounts, while 4 times what Twitter claims could be *much* higher.
My offer was based on the accuracy of Twitter’s SEC filings.
Yesterday, Twitter’s CEO publicly refused to show proof of <5%.
This deal can’t go through until he does.
— Elon Musk (@elonmusk) May 17, 2022
Our original story continues below.
Twitter CEO and Elon Musk are embroiled in what appears to be a dispute over bot accounts on Twitter
As we reported, Musk tweeted on Friday that the Twitter takeover was being delayed for $44 billion while asking for details to support the claim that fake accounts (generated by bots and not real people) make up less than 5% of active Twitter. represent users. In response, Twitter CEO Parag Agrawal stated that Musk’s suggestion to measure the problem by running a random sample of 100 accounts cannot work. He added that the estimate for the last four quarters is that bot accounts are well below 5%.
In addition, Agrawal stated that in order to do an external check of which accounts belonged to bots and not real people, they would have to use private information and Twitter does not share it, so it was impossible to do this.
Well, Elon Musk wasn’t exactly happy with this answer, and his answer was… well, eloquently:
Despite not being happy with this response, Musk has previously stated that he is still committed to the acquisition, but has not shared any further details on the status of the deal.
The Twitter CEO, on the other hand, cited other reasons why checking for spam and bot activity could be challenging. He stated that many accounts run by real people can look superficially fake.
Elon Musk insisted that the estimate and its legitimacy are actually very important. He added that advertisers need to know what they are getting for their money, underlining that the estimate is fundamental to the financial health of the social media platform.
Earlier, Musk is said to have told investors that he wants to change Twitter and make it less reliant on advertising money and more on subscriptions, and that the bulk of his revenue should come from subscriptions instead.
We’ll see how this conversation unfolds, but it certainly looks like Twitter’s takeover deal won’t happen right away. Of course, when such conversations are held in public, there is bound to be speculation about what it all means. Some speculation after Elon Musk’s tweet on Friday suggests his goal could be to close the deal at a lower price or figure out a way to get rid of it.
However, it is unclear what the ultimate goal is. The Twitter CEO nevertheless seems determined to stand behind the company’s reported numbers.
Twitter Acquisition Agreement: A Brief Summary of Events for the Curious
Okay, if you haven’t been following the Twitter readmission deal situation, don’t worry — here’s a quick rundown of what happened.
On April 5, 2022, Elon Musk was appointed to the board of Twitter (this was before making an offer to buy Twitter) and was welcomed by Agrawal in a tweet.
Not long after, however, on April 11, Musk announced that he will not be serving on Twitter’s board, which took most of the internet by surprise.
And then, on April 14, Musk offered $41 billion to buy the entirety of Twitter and turn it into a private company, in an effort to safeguard free speech (and whatever his agenda is, no one knows)
Then, on April 25, Twitter agreed to be bought out by Musk for $44 billion or $54.20 per share in cash. And then, on May 13, Musk put the deal on hold because of the aforementioned concerns.