Elon Musk sets condition for Twitter purchase to go forward
Tesla CEO says the deal 'cannot move forward' until Twitter CEO reveals the number of fake/spam accounts
Elon Musk's hold on Twitter takeover is 'part of his strategy': Hilton
'The Next Revolution' host says the Tesla CEO's latest move is 'not random' and 'not erratic' on 'Fox Business Tonight.'
Tesla CEO Elon Musk set a key condition for his pending $44 billion purchase of Twitter to go through: transparency on the number of fake or spam accounts.
Musk tweeted, "20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. My offer was based on Twitter’s SEC filings being accurate."
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"Yesterday, Twitter’s CEO publicly refused to show proof of <5%," the Tesla CEO added. "This deal cannot move forward until he does."
Twitter headquarters is seen in San Francisco, California, United States on October 27, 2021. (Photo by Tayfun Coskun/Anadolu Agency via Getty Images / Getty Images)
Musk had responded to an article from Teslarati, which claimed that he may be seeking a better deal to acquire Twitter.
"Musk said he believes 20 percent of Twitter accounts are fake or spam, a number that needs to be significantly reduced and could be the reasoning behind his thirst for a renegotiation of terms," the outlet reported. "Perhaps Twitter is not as valuable with fewer users, of course, and Musk may feel that the already-large asking price of $54.20 per share is simply too high to justify when one-in-five users are not actually humans."
Elon Musk’s Twitter account is displayed on the screen of an iPhone in front of the homepage of the Twitter website. (Chesnot/Getty Images / Getty Images)
Teslarati noted that if Musk backs out of the deal, he will be required to pay Twitter a $1 billion termination fee and could be subjected to additional litigation.
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Musk said last week that his acquisition of Twitter is in hold pending details about spam and fake accounts on the platform, yet he added that he is "still committed" to the purchase of the social media company.