Elon Musk announces suspension of Twitter takeover, which is collapsing on Wall Street

Elon Musk announced Friday on Twitter suspend the takeover of the social network, announced at the end of April. “The acquisition of Twitter is temporarily on hold pending details that spam and fake accounts account for well under 5% of the user base.” wrote the boss of Tesla on the platform, where he has nearly 93 million subscribers. The action of the group, listed on the New York Stock Exchange, plunged about 20% after this announcement.

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During the presentation of its quarterly results at the beginning of May, Twitter had indeed indicated that it had on average 229 million users dailies said to be monetizable, that is to say exposed to advertising, and estimated that less than 5% of them were spam or fake accounts.

A $44 billion offer

Contacted by AFP, the management of the social network, which accepted the offer to buy back $44 billion formulated by the whimsical leader of South African origin, did not react immediately.

Elon Musk notably promised to rid Twitter of spam, to authenticate users and to increase transparency, without specifying how he intended to implement this project. The influential businessman also said he wanted to make the platform a bastion of free speech and said he was ready to reinstate former US President Donald Trump, whose account was permanently suspended after the attack. of the Capitol in January 2021.

Since the takeover bid by the boss of Tesla and SpaceX, Twitter’s stock market value has shrunk by billions of dollars. The title traded Friday at just over $36, well below the purchase price of $54.20 per share proposed by the billionaire.

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