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Business

Elon Musk says Twitter deal at lower price “not out of the question”




Elon Musk says Twitter deal at lower price “not out of the question”

Elon Musk said last week that his bid to buy Twitter was “temporarily pending”

Miami:

Elon Musk speculated that he could try to renegotiate his takeover of Twitter Inc., saying a viable deal at a lower price would not be “inappropriate”[ads1];.

Twitter shares fell 8.2 percent at the close of trading in New York. The stock has fallen due to speculation that Musk could walk away from the $ 44 billion purchase. This concern has grown over the past week as Musk has questioned Twitter’s publicly revealed data on the percentage of spam and fake accounts on the social media service.

Musk pushed further on that front Monday at a technology conference in Miami, and estimated that fake users make up at least 20 percent of all Twitter accounts. It was the low end of his estimate of the number of robots on the network, and he rhetorically asked if it could be as high as 90%, according to a livestreamed video of his comments posted by a Twitter user.

“So far, I’m told there is no way to know the number of robots,” Musk said at the conference. “It is as unknown as the human soul.”

Twitter declined to comment. The San Francisco-based company reports quarterly that spam accounts make up less than 5 percent of total users.

Musk, CEO of Tesla Inc. and SpaceX, said last week that his bid to buy Twitter was “temporarily pending” pending details on how many spam and fake accounts are on the platform. This weekend, he tweeted that he planned to do his own analysis of Twitter’s user base using a random selection of 100 user accounts. Shortly afterwards, Musk claimed that Twitter’s legal team called to complain that he had broken their confidentiality agreement by sharing the company’s methodology publicly.

Twitter CEO Parag Agrawal disputed this on Monday in a tweet thread that provided more details about the company’s approach to spam accounts. Agrawal said that Twitter manually checks thousands of accounts every quarter to find out how many are to be considered spam, but added that the process could not be performed remotely due to users’ privacy concerns.

Agrawal said Twitter “shared an overview of the estimation process with Elon a week ago.” Musk responded to the CEO’s tweet by first asking why Twitter does not just call users to confirm their identity – and then by posting a poop emoji.

Musk spoke at a conference hosted by a podcast called “All-In” run by Chamath Palihapitiya, Jason Calacanis, David Sacks and David Friedberg. The $ 7,500-per-person event was sold out, and organizers said journalists were excluded from attending. Musk appeared at the Miami summit via video conference.

The 50-year-old billionaire began buying Twitter shares in January and revealed a 9.2 percent stake in the company on April 4. Twitter’s board accepted Musk’s $ 44 billion bid to buy the company and take it private on April 25, but the deal is months away from closing, and Twitter’s shares are trading well below the offer price.

The spread between Musk’s bid of $ 54.20 per share and Twitter’s share price continues to increase, erasing all the gains the stock had made since Elon Musk revealed his stake in the social media platform.



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