Elon Musk has announced that the $44 billion deal for Twitter is currently on hold. Ironically, the world’s richest man made this move public on Twitter. The billionaire revealed that the Twitter deal worth $44 billion is temporarily on hold. The decision has been taken after Twitter’s filed a report claiming that under 5 percent of its active users represent spam/fake accounts. Also Read - Tesla CEO Elon Musk slams Twitter for having bot friendly rules
One of Musk’s primary targets for acquiring Twitter was to weed out bots and spam from the platform. He insisted on better use of algorithms to make this change. Currently, there’s no clarity if the Twitter deal will actually go through. After Musk made the announcement, Twitter shares dipped by 5 percent whereas Tesla shares went up by 5 percent. Also Read - Twitter’s answer to Instagram Close Friends is rolling out to more users
In a recent filing, Twitter said: “that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our monthly daily active users during the quarter.” Also Read - Elon Musk to Jeff Bezos: Party less and work more
Twitter does not institute a blanket ban of bots. While they are allowed on Twitter, the company’s official policy requires the bot-run account to indicate that they’re automated. In order to make that possible, they even launched a label for “good” bots. One such as account is @tinycarebot. It tweets self-care reminders. On the other end of the spectrum there are Spam bots. They are strictly prohibited, and the company claims it has policies in place that aim at curbing them completely.
Elon Musk has been a very prominent voice in favour of free speech, without any kind of content moderation. In the initial days, after he disclosed the $44 billion deal, Musk confirmed that he plans to build Twitter as a new bastion of free speech.
On Monday, Twitter revealed in a filing that false or spam accounts represented fewer than 5 percent of its monetizable daily active users in the first quarter of this year. The micro-blogging platform claimed that in total 229 million users were served advertising in the quarter ending on March 31.
Musk had been looking for investors to partake in the $44-billion-deal. Last week, the billionaire, in a filing disclosed that he managed to get investors to pitch in $7.1 billion towards finalizing the Twitter deal. Musk also liquidated $8.5 billion worth of his shares to propel the deal.