Elon Musk says Twitter deal on hold as spam account report is investigated

midian182

Posts: 7,882   +81
Staff member
What just happened? It appears that Elon Musk's $44 billion acquisition of Twitter could be in jeopardy. The world's richest person just announced that the deal is "temporarily on hold" until he has confirmation that spam and fake accounts on the site really do represent less than 5% of its userbase.

Musk tweeted the announcement earlier today along with a link to a Reuters report from May 2. The article revealed the statistic was in a company filing made to financial regulators. Twitter claimed that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.

Musk never said precisely how he plans to validate Twitter's findings or why he doubts them. It could be related to recent revelations that Twitter overinflated monetizable daily active user (mDAU) counts between 2019 and 2021, something it claims was done in "error."

Musk followed the announcement with a tweet confirming he was still committed to the acquisition, but that hasn't stopped Twitter shares from falling about 15% on the back of the news while Tesla shares were up 6%.

If Musk did walk away from the deal, he would still have to pay a $1 billion break fee. Bill Gates would probably be happy; the ex-Microsoft boss believes Musk's free-speech beliefs could make Twitter worse.

Musk revealed some of his plans for Twitter last month. They include less moderation—he said he would reverse Donald Trump's ban from the site—and open-sourcing its algorithm. But one of his top priorities is eliminating the spam, spambots, and the bot armies that plague the platform.

Earlier this week, Musk was threatened by Dmitry Rogozin, the head of space agency Roscosmos, for supplying Starlink satellites to Ukraine. "If I die under mysterious circumstances, it's been nice knowin ya," the Tesla CEO joked.

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Dimitriid

Posts: 2,203   +4,239
Typical Elon: he probably had seconds thoughts about spending 44 billion on the damn thing so he's gonna bad mouth them some more in hopes of making sure they crash and he gets a better deal out of it in the future, or just a clean out for him.

Or he might just be interested in crashing them into nothingness as a freezed peach warrior just seeking ideological justice but that would give him far too much credit as the first option lines up more for me: The reality of 44 billion is probably caching up to him so he will now scramble under any excuse looking to get out of it.
 

QuantumPhysics

Posts: 6,308   +7,247
I think history will show, that this was the worst, possible waste of his money he could possibly have committed too.

UNLESS...the change in leadership coming in 2022 and 2024 November, is friendly to him for doing this...
 

viperfl

Posts: 59   +66
Typical Elon: he probably had seconds thoughts about spending 44 billion on the damn thing so he's gonna bad mouth them some more in hopes of making sure they crash and he gets a better deal out of it in the future, or just a clean out for him.

Or he might just be interested in crashing them into nothingness as a freezed peach warrior just seeking ideological justice but that would give him far too much credit as the first option lines up more for me: The reality of 44 billion is probably caching up to him so he will now scramble under any excuse looking to get out of it.

You sound like a corporate apologist. If Twitter was fudging the numbers, then Elon Musk has a right to question it.. If the 44 billion price tag was based on 229 million users when in fact Twitter only has 219 million users, then yeah it would be stupid not to question it.
 

wiyosaya

Posts: 7,694   +6,633
I think history will show, that this was the worst, possible waste of his money he could possibly have committed too.

UNLESS...the change in leadership coming in 2022 and 2024 November, is friendly to him for doing this...
Friendly to him for doing what? Backing out on the deal? IMO, this is typical Musk. He shoots his mouth off, then says "hey, wait a minute." Take, for example, the Hyperloop. Musk threw it out there and then said he was not going to do anything with it himself. Anyone, IMO, who thinks that Musk is actually doing something legitimate in this is living in an alternate reality.

And, for those who do not already know, Musk is once again under investigation by the SEC specifically for this deal - https://www.cnet.com/news/social-me...ated-disclosure-of-twitter-stake-report-says/

IMO, all Musk wants to do is blame someone else for his faux-pas so that he can appear to gracefully back out of the deal - when his complete incompetence, and narcissistic ego, is where the blame should squarely lay.

Money does not make up for Musk's lack of common sense.
 

Dimitriid

Posts: 2,203   +4,239
You sound like a corporate apologist. If Twitter was fudging the numbers, then Elon Musk has a right to question it.. If the 44 billion price tag was based on 229 million users when in fact Twitter only has 219 million users, then yeah it would be stupid not to question it.
You sound like a corporate apologist! *proceeds to unironically defend Elon Musk*

Sure buddy, you think that.

For the rest of us, is merely a curiosity of a group of thieves cheating out a fellow thief: nothing will be gained by regular folks regardless of how much either side is manipulating stock prices illegally because that's pretty much the default for all corporations, includying the ones Elon owns.
 

Dimitriid

Posts: 2,203   +4,239
Take, for example, the Hyperloop. Musk threw it out there and then said he was not going to do anything with it himself. Anyone, IMO, who thinks that Musk is actually doing something legitimate in this is living in an alternate reality.
Glad you mention Hyperloop because at the end, it successfully managed to divert funding away from actual mass transit infrastructure and development and that's the objective of very nefarious people that well, like selling cars and don't like actually effective modes of transportation like trains and metro.

Not saying Elon is in on it mind you, just that he's the perfect useful ***** because he probably honestly believes he could "fix traffic" with tech: A stupid solution with no AM (actual machines) and all FM (F***ING Magic) involved.
 

wiyosaya

Posts: 7,694   +6,633
Not saying Elon is in on it mind you, just that he's the perfect useful ***** because he probably honestly believes he could "fix traffic" with tech: A stupid solution with no AM (actual machines) and all FM (F***ING Magic) involved.
(y) (Y)Agreed!

Speaking of which, need I mention "The Boring Company?" 🤣 Interestingly, The Boring Company is also under investigation. https://www.kvue.com/video/money/ec...trop/269-76168c0b-5774-42fc-a144-0229ee848c54 Musk's competence being prominently displayed to the rest of the world. 🤣
 

gdavid65

Posts: 39   +39
I think history will show, that this was the worst, possible waste of his money he could possibly have committed too.

UNLESS...the change in leadership coming in 2022 and 2024 November, is friendly to him for doing this...

Only reason... He'll either use it for a shill to get him whatever benefits he wants (SpaceX, Tesla, Starlink) from a Republican, or else run for office himself in a decade.
 

NicktheWVAHick

Posts: 377   +670
UNLESS...the change in leadership coming in 2022 and 2024 November, is friendly to him for doing this...

We can only hope. The supposed “adults” who are in charge now have done more to destroy this country in the last 15 months that any administration in the last 200 years. Baby formula shortages? Seriously? Has our great nation come to this? And their only solution is to codify R v W?
At least that would help lower the demand for baby formula.
 

Uncle Al

Posts: 8,752   +7,668
And still no mention of the SEC taking a very detailed and critical review of his planned purchase ..... surprising ....
 

Squid Surprise

Posts: 5,335   +4,980
Whenever you buy something big, there's no reason NOT to do what Musk just did.... now, if he ends up failing with it in the future, he can simply blame the previous ownership for misrepresenting it... And if he succeeds - well, he did it in SPITE of it, and he's that much more awesome...

When it comes to business and war, the truth is the first casualty - believe nothing that comes out of Musk's mouth... everything said will be for a reason.
 

dualkelly

Posts: 200   +242
We can only hope. The supposed “adults” who are in charge now have done more to destroy this country in the last 15 months that any administration in the last 200 years. Baby formula shortages? Seriously? Has our great nation come to this? And their only solution is to codify R v W?
At least that would help lower the demand for baby formula.
As if any administration has control over global supply chain shortages and the baby formula was exacerbated when Abbott—producer of top U.S. brand Similac—shut a major factory in Michigan and issued three product recalls in February over contamination concerns. But sure keep blaming the administration lol
 

captaincranky

Posts: 18,732   +7,671
Would he if the reason was Twitter misrepresenting their company‘s value ?

After all, he agreed to buy the company as presented.
TBH "misrepresentation", is the reason Tesla stock,is as (IMO), overvalued as it is. Stock in the company has steadily risen in value in spite of s multitude of losing quarters..

Since Musk announced his preoccupation with buying Twitter, he has presented shares in Tesla as "collateral". Which implies a couple of things. Primarily, that he isn't as rich in reality as he is on paper. And (IMO again), that this is one of his "kooky tangents", which exhibits a bit of his instability, and "loose cannon" approach to his business management and product development skills. (IE "Cybertruck").

He can talk people of of their money for sure. His primary talent exists as con man and grifter, at which he is second to none.
 
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captaincranky

Posts: 18,732   +7,671
What's the title of this thread ... or did that escape you.
I read the news rhe same as everybody else. As far as Musk, "hangin' in there". the man isn't capable of relenting, or backing off from his self aggrandizing.

Like I said earlier, Musk only has two conceivable motives for buying Twitter. For the publicity, and to watch others argue and bicker opposing points of view endlessly, under the guise of, "freedom of speech".

So, as to my prior comment, it was strictly from my POV. As opposed to joining Twitter, or giving an aeronautical intercourse who owns it, I'd sooner go out to a pasture, lift up a jacka**'s tail and talk to that. (Which is essentially the same as a Trump press conference)..

Hopefully, for your mental health, Trump will magically reappear back at Twitter, and you'll be able to absorb and revel in every pathological lie the man tells. Bon Voyage..

BTW, better take some sort of clicker counter with you. He's already at 31,000 proven lies told during his "reign" as POTUS. And they'll be coming hard and fast on Twitter. You can bet on it.
 

Sausagemeat

Posts: 1,597   +1,421
You sound like a corporate apologist! *proceeds to unironically defend Elon Musk*

Sure buddy, you think that.

For the rest of us, is merely a curiosity of a group of thieves cheating out a fellow thief: nothing will be gained by regular folks regardless of how much either side is manipulating stock prices illegally because that's pretty much the default for all corporations, includying the ones Elon owns.
Nah he’s right. You’re simping big time to corporate entitys because you just have to be seen to hate Elon Musk. It’s pathetic. If twitter lied about their user base anyone has the right to call it out. Corporations should be held accountable for their bullshit.
 

AlaskaGuy

Posts: 350   +272
Said Musk as Tesla stock dropped when he tried to borrow against it to buy Twitter..

Do you have anything to add, or are you content to throw up someone else's crap?

Speaking of "hive minds", the right has one as well:

Here's what it looks like:View attachment 88326
Were you at this rally?
Elon has money to burn.

5e4d42c6be62384df365c0e4
 

captaincranky

Posts: 18,732   +7,671
Elon has money to burn.

5e4d42c6be62384df365c0e4
Oh yeah, but it seems more like a hundred dollar bill on top of a thick wad of ones.

After all, he just raised the price of "Starlink", due to inflation.

BTW, is that the same neurotic skank involved with the Johnny Depp lawsuit, or a different piece of temporary arm candy.

That's an interesting fashion statement on Musk's part, what with the Nehru collar, and dressed in pure white.

While some would call it fashionable, I would label it as, "paranoid delusions of godhood"..
 

AlaskaGuy

Posts: 350   +272
Oh yeah, but it seems more like a hundred dollar bill on top of a thick wad of ones.

After all, he just raised the price of "Starlink", due to inflation.

BTW, is that the same neurotic skank involved with the Johnny Depp lawsuit, or a different piece of temporary arm candy
Inflation is real. btw you can thank Elon for giving internet to the poors including Ukraine.