Elon Musk says $44 billion Twitter deal on hold over fake account data. This is getting interesting.
Musk waived his right to due diligence before committing to the $44 billion deal but I'm guessing fraud would be his get out of jail card to exit the deal if what is being hinted at is true. Since 2013 the number of spam accounts on Twitter has been set at less than 5% "according to regulatory filings from Twitter." And Musk has said that he "relied upon the accuracy of Twitter's public filings" in making his $54.20 per share offer. What if Twitter executives have known all along that the number of spam accounts was much greater than 5%?
As I write this Twitter stock now sits at $40.72 per share - a 25% discount from Musk's $54.20 offer. Former President Donald Trump weighed in on the matter on his Truth Social platform saying, "There is no way Elon Musk is going to buy Twitter at such a ridiculous price, especially since realizing it is a company largely based on bots or spam accounts."
Where there's smoke there's fire and like I said - this is getting interesting.
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