Elon Musk puts on hold Twitter deal
NEWS DIGEST – World’s richest man and SpaceX founder Elon Musk has said the “deal” with the microblogging and social networking company, Twitter is on hold.
Weeks ago, Twitter agreed a ‘definitive deal’ to sell itself to Musk at approximately $44 billion.
The transaction, which has been unanimously approved by the Twitter Board of Directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions.
Musk’s campaign to buy Twitter sparked concern from millions of users.
Many critics and supporters weighed in on what could lie ahead.
But Musk describes himself as a “free speech absolutist” and has criticized what he sees as excessive moderation on online platforms.
A tweet by Musk on his verified page on Friday said: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”.
When the deal was initially announced, Musk made known his plans to make Twitter “better than ever” by “defeating the spam bots and authenticating all humans.”