Elon Musk Suspends The Purchase Of Twitter Over Fake Accounts. Company's Shares Already Fell By More Than 13 Percent

Elon Musk took a step back weeks after announcing he wants to buy Twitter. According to CNN, he is suspending the 44-billion agreement to verify the missing information. He announced this on his Twitter account.

How many fake accounts?

According to Musk's post on Twitter, the entrepreneur is still waiting for data that would confirm the calculation of fake accounts on the social media platform. He wants to verify that they really make up less than 5% of the total number of accounts. This issue comes from a social media platform report published in April. This is an estimate, but it has not been independently verified, so the real number of false accounts may be higher.

In the past, Musk has talked about how he will clean Twitter and solve their problems with fake accounts and spam. He now seems to have doubts about whether the company is reporting too few.

Twitter has been struggling with spam for years, and the company has recognised several times in the past, according to CNN, that it is crucial for them to be able to curb the operation of fake accounts. Without this, they will not be able to grow. Due to Musk's tweet, the value of Twitter shares fell by more than 13%. However, it is not clear why he is considering withdrawing from the agreement right now.

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn

— Elon Musk (@elonmusk) May 13, 2022 

Musk has already sold more than $ 8 billion in Tesla shares to finance the acquisition. SpaceX founder and co-owner of Tesla wants to buy Twitter for $ 44 billion. The agreement has yet to be supported by shareholders and regulators. After a possible takeover, he wants to make some changes in how the network will work, but also in which accounts will be blocked. For example, he wants to restore Donald Trump's account.