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Elon Musk Says Twitter Deal Off Unless Company Shows Proof Of Fake Account Data; Stock Falls Some More

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Elon Musk said overnight that his $44 billion acquisition of Twitter can’t move ahead unless the company backs up statements about the number of fake accounts on the platform, which the company has put at under 5%.It’s something he’s been picking at for days but made explicit in a tweet early Tuesday as some estimates put the number of spam accounts at 20%.“20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.

My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5%.

This deal cannot move forward until he does,” Musk tweeted.Cleaning up Twitter by eliminating BOTS and spammers was one of Musk’s goals in buying the company.The board accepted his all-cash offer for $54.20 a share last month.

The BOT issue surfaced last week and Musk said then the purchase was on hold until he had more information, but later tweeted that he was “committed” to the deal.Twitter CEO Parag Agrawal in a Twitter thread yesterday discussed spam accounts as less than 5% of overall daily active users (DAU).

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