Musk hints at paying less for Twitter than his $44B offer

Musk hints at paying less for Twitter than his $44B offer

Tesla CEO Elon Musk has given the strongest hint yet that he would like to pay less for Twitter than his $44 billion offer made last month

May 16, 2022, 10: 56 PM

3 min read

Musk stated that a viable deal would be possible at a lower price.

Also at the All In Summit, Musk estimated that at least 20% of Twitter’s 229 million accounts are spam bots, percentage he said was at the low end of his assessment, according to the report. The appearance was made just hours after Musk started trolling Paraj Agrawal, Twitter CEO. He posted a series tweets explaining the company’s efforts to fight bots and how it consistently estimates that less than 5% are fake.

All in all, analysts believe that Musk is either trying to get out of the deal or seeking a lower price. This is mainly due to the huge drop in the value of Tesla stock, which he has promised to finance the acquisition of Twitter.

Twitter shares closed Monday down just over 8% at $37. 39, below where the stock was just before Musk disclosed that he was Twitter’s largest shareholder. Musk made the offer to buy Twitter for $54. 20 per share on April 14. Musk tweeted Friday that his plan to purchase Twitter was temporarily put on hold while he attempted to find out how many fake accounts are on the social media platform. The Tesla and SpaceX CEO stated that the hold was in place pending details about Twitter’s calculation that fake accounts account less than 5%.

Agrawal acknowledged Monday that Twitter is not perfect at catching spam. Agrawal stated that the company has estimated less than 5% spam every quarter. Agrawal wrote that the estimate was based on multiple human reviews of thousands accounts that were randomly selected over time.

Estimates for the last four quarters were all well under 5%, he wrote. “The error margins on our estimates give us confidence in our public statements each quarter.”

Musk, using his favorite platform, responded with a smiling emoji of poop, then asked how Twitter’s advertisers know what they’re getting for their money.

Tesla shares closed Monday down nearly 6% at $724.37. They have lost around one-third of the value since Musk’s Twitter stake was disclosed.

Musk didn’t immediately respond to messages seeking comment. The All In Summit stated in an email that it would post the video of Musk’s appearance in the next few days.

ABC News

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