The ongoing story of whether Elon Musk will actually take over Twitter has taken another direction.
After Musk began to cool down due to the number of bots on the platform, Twitter’s board of directors unanimously agreed to buy him.
They provided all the information requested by the millionaire in the hope of closing the deal.
However, trading still appears to be in a very volatile situation.
Three sources familiar with the matter have suggested to the US media that Twitter’s data on spam accounts has not been validated.
As a result, Musk’s team ended discussions on a £34bn deal, the sources said.
Without enough data, Musk’s team doesn’t think there is enough information to assess the prospects of social media as an ongoing business.
Exacerbating the problem is the fact that Twitter’s share price has fallen dramatically since Mask’s first offering in April. This can make the richest person in the world believe that he is overpaying for goods.
However, it is not so easy for the mask to come off. The billionaires agree with this and can only revoke it if something important happens for Twitter’s business. And the bot problem may not be enough.
Even if legal requirements are met, Mask may pay an installment fee of $1bn (£863m) for the transaction.
Of course, if the transaction fails, it will look bad for Twitter and the stock price will worsen. As a result, the company appears to be doing its best to offer enticing suggestions.
According to The Wall Street Journal, the company has laid off about 30 percent of its talent acquisition team, which employs “fewer than 100 people.” This is part of the cost savings and includes the hiring freeze for transaction negotiations.
In addition to reducing staff, Twitter is confident that it is mitigating bot issues that are essential to commerce.
The site removes more than a million spam reports every day, executives told reporters at a briefing yesterday.
The transaction is based on Twitter data showing evidence that less than 5% of users who see ads on social media services are email accounts and bots.
Musk previously tweeted that one of his biggest priorities after buying Twitter was to “defeat or try to die from spambots.”
Source: Metro
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