The Elon Musk-Twitter Deal Has Been Put on Hold: 10 Things to Know

Elon Musk revealed on Friday that the Twitter transaction is currently on hold due to the quantity of spam and fraudulent accounts on the platform.

The latest development comes just over a week after Musk said last month that he would buy the microblogging site for $44 billion.

As a result of his acquisition, Musk stated that he will make Twitter’s algorithms open-source and alter its regulations to better encourage free expression on the platform. Reports surfaced shortly after Musk’s announcement that the entrepreneur would re-price the acquisition.

Here are the top ten things you should know about Elon Musk’s Twitter transaction, which is now on hold:

1. Musk tweeted on Friday, “Twitter deal temporarily on hold pending details supporting calculation that spam/ bogus accounts do actually constitute less than 5% of users.”

2. Twitter has yet to respond publicly on the situation. Elon Musk has also not stated whether he is concerned about the number of spam and false users provided by Twitter.

3. In a filing earlier this month, Twitter stated that bogus and spam accounts account for less than 5% of all users on the platform.

4. In April, Elon Musk stated that he will buy Twitter for $44 billion. The San Francisco, California-based corporation will become a privately held company after the transaction is completed.

5. According to the terms of the agreement, Twitter shareholders will receive $54.20 in cash for each share they own after the proposed transaction is completed, the firm stated last month in a public statement.

6. Musk is claimed to have received around $7 billion in funding for his $44 billion acquisition from a group of investors including Oracle Co-Founder Larry Ellison.

7. As the company’s shares fell to their lowest level since the agreement became public on April 25, investors speculated that Musk might not buy Twitter for the agreed price of $44 billion.

8. In a regulatory filing prior to the acquisition, Musk stated that he owned a 9.2 percent ownership in Twitter.

9. Musk recently indicated that after the transaction is completed, he will lift Twitter’s ban on former US President Donald Trump. While addressing at the Financial Times Future of the Car conference, he labeled the choice “morally wrong and flat-out foolish.” Musk also garnered backing from US Republicans — Trump’s political party — for the acquisition, however, Democrats were not thrilled.

10. Elon Musk’s purchase of Twitter was recently investigated by the US Federal Trade Commission for antitrust violations (FTC). The Open Markets Institute recently called for the deal to be halted, claiming that it would give the world’s wealthiest man “direct control over one of the world’s most important forums for public communication and discussion.”