Musk Puts Twitter Deal on Hold

Not so fast…

That is what Elon Musk is telling Twitter right now.

Reports broke very early this morning that Musk has slammed the brakes on the deal to verify “spam/fake” accounts on the platform.

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Musk is now seemingly concerned that there are far more fake accounts than the platform had previously reported.

Musk plans on monetizing the platform far more than it already is, so an overabundance of fraudulent accounts would dramatically impact his earnings projections.

Twitter claims that less than five percent of the overall accounts are fake or spam accounts.

So, he is having it verified before writing that massive check…

Musk looked to quell the panic after his initial announcement, letting everyone know that he is still “committed to acquisition.”

The Twitter board accepted the initial offer of $54.20 per share in April.

Twitter is currently trading at $40.51 per share, down 10.14 percent as of 9:18 a.m. CDT this morning over panic that the deal could be off the table.

If the deal is killed, it will be a devastating blow to Twitter stockholders anticipating a massive payout, but will probably take significant losses instead.

Source: Fox Business

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