Elon Musk on Friday posted his $ 44 billion contract on Twitter Inc temporarily, citing pending data to support calculations that spam and fake accounts represent less than 5 percent of users.
“The Twitter agreement has been temporarily suspended pending the details of supporting spam counts / false accounts representing less than 5 percent of users,” Musk said in a tweet.
Shares of the social media company dropped 17.7 percent to $ 37.10 per month on advertising, the lowest since Musk announced his role in the company in early April and then made a “perfect and final” promise to take it privately at $ 54.20 per share. .
The target for closing the contract at the agreed price fell below 50 percent for the first time on Tuesday, when Twitter shares fell below $ 46.75.
Twitter earlier this month estimated that fake or spam accounts account for less than 5 percent of its active daily users during the first quarter, when it records 229 million users who have been offered ads.
“The Twitter agreement has been temporarily suspended pending the support to calculate that spam / fake accounts represent less than 5 percent of users,” Musk said on Friday.
Musk, the richest man in the world who calls himself a free speech man, said one of his priorities was to remove “spam bots” from the platform.
Twitter did not immediately respond to a request for comment. Representatives of Musk or his company Tesla Inc were not immediately available for comment.
The social media company said it faced a number of risks until the contract was terminated with Musk, including that advertisers would continue to spend on Twitter amid “possible uncertainty about future plans and strategy.”
Musk has criticized Twitter’s moderation policy. He said he wanted Twitter algorithm to prioritize tweets to the public and was opposed to a lot of power in the service to marketing companies.
Musk says he is electing a ‘lesser’ candidate than Trump in 2024
On Thursday, Musk made it clear that although he wanted Twitter to remove the permanent ban on former US President Donald Trump, that does not mean he is supporting Trump in the 2024 presidential campaign.
Muska told a Money Times Tuesday that Twitter’s decision to ban Trump was “morally wrong”. He followed the tweet on Thursday evening, saying he did not support Trump as a presidential candidate.
“While I think a non-judgmental candidate could be better in 2024, I think Trump should be back on Twitter,” he said.
Trump has said he does not want to go back to Twitter, but instead wants to build his own Social Truth platform.
It was shut down on Twitter in January 2021 due to “risk of further violence” following the US Capitol storm, the company said. Trump is considering another presidential race in 2024 after losing his bid for re-election in 2020.