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Musk Will Not Pay Full Purchase Amount Of Twitter Until The Social Site Shows Proof Of Spambots

Elon Musk indicated that he would like to pay less than USD 44 billion for the acquisition of microblogging website Twitter

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Elon Musk said on Tuesday his USD 44 billion offer would not move forward until Twitter Inc shows proof that spam bots account for less than 5 per cent of its total users, hours after suggesting he could seek a lower price for the company.

"My offer was based on Twitter's SEC filings being accurate. Yesterday, Twitter's CEO publicly refused to show proof of <5 per cent (spam accounts). This deal cannot move forward until he does," Musk said in a tweet.

After putting his offer on hold last week pending information on spam accounts, Musk said he suspected they make up at least 20 per cent of users - compared with Twitter's official estimates of 5 per cent.

"You can't pay the same price for something that is much worse than they claimed," he said at at the All-In Summit 2022 conference in Miami on Monday.

Asked if the Twitter deal is viable at a different price, Musk said at the conference, "I mean, it is not out of the question. The more questions I ask, the more my concerns grow."

"They claim that they've got this complex methodology that only they can understand... It can't be some deep mystery that is, like, more complex than the human soul or something like that."

The stock had on Monday dropped more than 8% to close at USD 37.39, lower than its level the day before Musk revealed his Twitter stake in early April, sowing doubts that the billionaire entrepreneur would proceed with his acquisition at the agreed price.

Twitter Chief Executive Parag Agrawal tweeted on Monday that internal estimates of spam accounts on the social media platform for the last four quarters were "well under 5 per cent," responding to days of criticism by Musk of the company's handling of phony accounts.

Twitter's estimate, which has stayed the same since 2013, could not be reproduced externally given the need to use both public and private information to determine if an account is spam, Agrawal said.

Musk responded to Agrawal's defense of the methodology with a poop emoji. "So how do advertisers know what they're getting for their money? This is fundamental to the financial health of Twitter," he wrote.

Musk has pledged changes to Twitter's content moderation practices, railing against decisions like its ban of former President Donald Trump as overly aggressive while pledging to crack down on "spam bots". 


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elon musk Parag Agarwal twitter spambot