Billionaire Elon Musk, boss of Tesla and SpaceX, announces the suspension of the takeover of the social network Twitter – The action collapses on Wall Street

Tesla boss and the richest man on the planet, Elon Musk, said on Friday he was suspending the takeover of Twitter pending details on the proportion of fake accounts on the social network. The action of the group, listed on the New York Stock Exchange, plunged about 20% after this announcement in electronic exchanges resulting in the opening of Wall Street.

“Twitter acquisition is temporarily on hold pending details that spam and fake accounts represent well under 5% of users,” Musk wrote on the platform, where it has nearly 93 million subscribers.

The board of directors of the tweeting social network accepted a $ 44 billion buyout offer from the whimsical South African-born leader at the end of April. Mr. Musk promised to remove spam from Twitter, authenticate users and restore transparency without specifying a comment if he should implement this project.

The company indicated at the beginning of May, during the presentation of its quarterly results, has an average of 229 million daily users called monetizable, that is to say exposed to advertising. She had revealed on this occasion that less than 5% of them were spam or fake accounts.

Mr Musk has also said he wants to make the platform a bastion of free speech and said he is ready to reinstate former US President Donald Trump, whose account was permanently suspended after the attack on the Capitol in January. 2021.

Since the takeover bid by the boss of Tesla and SpaceX, Twitter’s stock market value has shrunk by billions of dollars.

The title traded Friday at just over $36, well below the purchase price of $54.20 per share offered by the billionaire.

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