Tesla CEO Elon Musk is well on his way to acquiring Twitter for $44 billion, a nearly 30% premium on Twitter’s current price of $38.32 a share. Twitter and Musk are in the midst of filing the acquisition with the SEC, which is currently investigating Musk for his initial purchase of 9.6% of Twitter’s shares.
In Twitter’s SEC filings, the social media giant claimed that bots make up less than 5% of its total number of users.
Musk began publicly doubting their filing earlier this week. On Twitter, Musk echoed a claim that up to 20% of Twitter’s users may be bots. He went on to say that he will not move forward with the deal until Twitter proves that less than 5% of its users are bots.
The Epoch Times Reports–
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Twitter shares tumbled again after Elon Musk said that his $44 billion purchase of the social media platform “cannot move forward” until there is more clarity on the website’s spam bots.
“My offer was based on Twitter’s SEC filings being accurate,” Musk wrote on Twitter Tuesday. “Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does.”
Musk responded to a report that he might be looking for a better deal for the social network as experts believe his proposal could be too high if one-fifth of users are fake or spam accounts.
Twitter confirmed soon after that it had submitted a preliminary proxy statement to the Securities and Exchange Commission (SEC) pertaining to Musk’s offer of $54.20 a share.
“Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable,” the company said.
Later, Musk posted a poll asking his followers if they believed Twitter’s claim.