100s of titles, one news app for just $10 a month.
Dive Deeper:
Elon Musk ‘still committed’ to Twitter deal after putting it on hold – as it happened
Rolling coverage of the latest economic and financial news
Elon Musk ‘still committed’ to Twitter deal despite ‘on hold’ comment
The Tesla billionaire said the deal paused was ‘pending details supporting calculation that spam/fake accounts do indeed represent less than…
Elon Musk puts Twitter takeover on hold - but insists he's 'still committed' to bid
The billionaire Tesla owner confirmed that his bid for social media platform has been put on a 'temporary hold'.
Elon Musk says deal to buy Twitter is ‘temporarily on hold’
ELON Musk has said his deal to buy Twitter is “temporarily on hold” over details around the number of spam…
One subscription that gives you access to news from hundreds of sites
Now, Elon Musk says he is still committed to buy Twitter
Twitter shares slumped as much as 22% in pre-market trading after the chief of Tesla and SpaceX tweeted about current…
Elon Musk puts $44 billion Twitter deal 'on hold' over fake account details
Elon Musk put his $44 billion deal for Twitter "temporarily on hold" on Friday while he awaits data on the…
Get all your news in one place
Latest Business news:
Clearview AI cops $13m fine in the UK, with help from Australia
Controversial facial recognition firm Clearview AI has been handed a $13.3 million fine by the UK privacy watchdog following a…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
NSW government announces subsidy for waterlogged North Coast timber industry
Timber mills in Northern NSW have had to look further and further afield for wood in the wake of flooding…
Samsung commits $356 bn in investments with 80,000 new jobs
Seoul (AFP) - South Korean conglomerate Samsung Group on Tuesday unveiled a massive 450 trillion won ($356 billion) investment blueprint…
Aust 'back on the map' for green investors
The prospect of a government with more ambitious climate and energy transition plans has put Australia back on the map…
Putin’s State Oil Champion Suffers Biggest Production Drop
The state-run oil champion led by a close ally of President Vladimir Putin has seen the largest drop in production…
From analysis to good news, read the world’s best news in one place
Davos booster for $18 billion fund to fight AIDS, tuberculosis and malaria
A global health fund has raised a third of the $18 billion it says is needed to reverse setbacks caused…
World’s top fertiliser maker sees two years of high prices
In more bad news for farmers, a fertiliser that's key for crop production across the world will remain expensive for…

'Still committed,' says Elon Musk, hours after putting Twitter deal on hold

By TIMESOFINDIA.COM

NEW DELHI: After putting his $44 billion deal for acquiring social media platform Twitter on hold temporarily, Elon Musk said that he is still committed to the acquisition.

The clarification came 2 hours after Musk's tweet that the deal was “temporarily on hold” until he could get more details about the volume of spam and fake accounts on the platform.

Shortly after announcing his decision to put the deal on hold, Musk took to Twitter again and confirmed that he plans to complete the acquisition.

In his earlier tweet, Musk had made reference to a May 2 regulatory filing by Twitter that included an estimate that fewer than 5% of Twitter’s users were spam and fake accounts.

Known for his freewheeling and sometimes impulsive style, Musk’s tweet left many wondering about the future of the deal.

In a tweet earlier this month, Musk had said that if he buys Twitter he "will defeat the spam bots or die trying" and has blamed the company's reliance on advertising for why it has let spam bots proliferate.

In a regulatory filing made by Twitter, the company had said that it faced several risks until the deal with Musk is closed, such as whether advertisers would continue to spend on Twitter and "potential uncertainty regarding our future plans and strategy."

Spam or fake accounts are designed to manipulate or artificially boost activity on services like Twitter. Some are tied to improve commercial results, while others are designed to create an impression that something or someone is more popular.

The estimated number of spam accounts on the microblogging site has held steady below 5% since 2013, according to regulatory filings from Twitter, prompting some analysts to question why Musk was raising it now.

He has also been critical of Twitter's moderation policy and has said he wants Twitter's algorithm to prioritize tweets to be public and was against too much power on the service to corporations that advertise.

The world's richest person is contractually obligated to pay Twitter a $1 billion break-up fee if he does not complete the deal, and the language in the deal contract appears to cap any damages that Twitter can seek from Musk to that level.

But the contract also contains a "specific performance" clause that a judge can cite to force Musk to complete the deal.

Twitter shares are down 10% to $40.50 in morning trading on Friday, a steep discount to the $54.20 per share acquisition price.

Meanwhile, Tesla shares, against which Musk has secured $6.25 billion in funding for the acquisition, are up about 5%.

(With inputs from agencies)

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
Elon Musk ‘still committed’ to Twitter deal after putting it on hold – as it happened
Rolling coverage of the latest economic and financial news
Elon Musk ‘still committed’ to Twitter deal despite ‘on hold’ comment
The Tesla billionaire said the deal paused was ‘pending details supporting calculation that spam/fake accounts do indeed represent less than…
Elon Musk puts Twitter takeover on hold - but insists he's 'still committed' to bid
The billionaire Tesla owner confirmed that his bid for social media platform has been put on a 'temporary hold'.
Elon Musk says deal to buy Twitter is ‘temporarily on hold’
ELON Musk has said his deal to buy Twitter is “temporarily on hold” over details around the number of spam…
One subscription that gives you access to news from hundreds of sites
Now, Elon Musk says he is still committed to buy Twitter
Twitter shares slumped as much as 22% in pre-market trading after the chief of Tesla and SpaceX tweeted about current…
Elon Musk puts $44 billion Twitter deal 'on hold' over fake account details
Elon Musk put his $44 billion deal for Twitter "temporarily on hold" on Friday while he awaits data on the…
Get all your news in one place