“Twitter Deal Temporarily Suspended awaiting details to support estimate that fake/spam accounts account for less than 5 percent of users”, wrote the businessman in his account on the social network.
Musk’s announcement had a direct and immediate impact on the company’s shares, which in the early hours of this Friday registered a 20 percent drop in electronic trading prior to the opening of the Wall Street stock market.
At the end of the day, Twitter closed in 40.72 a drop of 9.67 percent and leaving as a result the lowest share price of the past month.
The tycoon’s annoyance would be that when he announced the agreement to buy Twitter for 44,000 million dollars noted that their mission is to defeat spam bots, authenticate all humans and make its algorithms open source.
The businessman has also indicated that he would like to make the platform a bastion of freedom of expression, removing the railings of content moderation.
Doubts have grown in recent days as the margin of the agreement, which offers an indication of how much Wall Street believes the acquisition will be completedrose further on Thursday to $9.11 from $8.11 in the previous session.
That was the widest level since the billionaire launched his offer last month. to buy Twitter for $54.20, and double what it was last week when it announced a financing commitment of about $7.1 billion.
Recently the businessman also revealed 7.1 billion in capital commitments from investors such as Larry Ellison, Sequoia Capital, Qatar Holding and Saudi Prince Alwaleed bin Talal, with the latter bringing his Twitter shares into the deal.
“They have been doing the job, as they always have. Go ahead”, Said the manager who also added that he hopes the deal with Musk will be closed.
“We must be prepared for all scenarios and always do the right thing for Twitter. I am responsible for running and operating the company, and our job is to build a stronger social network every day,” he stated.
Regarding the financial results and the first quarter of 2022 for the social network, he pointed out that “nNo one on Twitter is working alone to keep the lights on. We take pride in our work. Regardless of future company ownership, here we are improving Twitter as a product and business for customers, partners, shareholders, and everyone else.
I am responsible for running and operating the company, and our job is to build a stronger social network every day.
“I will not use the deal as an excuse to avoid making important decisions. for the health of the company, nor will any leader on Twitter. I’m still focused on getting the job done, and that includes making tough decisions as needed. I will continue to embrace the deep complexities of our service and our business. And they can expect more changes,” Agrawal said.
At current levels, the market values a probability of approximately 40 percent that the purchase will be completedsaid Aaron Glick, merger arbitrage specialist at Cowen & Co, using $30 as Twitter’s downside price, which is the one the shares are likely to fall if the deal collapses.
Accelerate Financial Technologies Inc. CEO Julian Klymochko also sees a 40 percent chance the purchase will go through. “Musk is using this as a way to seek a price cut”Glick said. “However, investors have avoided this situation because they don’t trust Musk and this has justified those views.”