Elon Musk puts Twitter bid on hold pending details on fake and spam accounts

The news comes a day after CEO Parag Agrawal fired executives

Elon Musk has put a temporary hold on his deal to buy Twitter, requesting details on claims that spam and fake account represent less than five percent of users.

Musk tweeted the news in the early morning hours Friday, linking to a May 2nd Reuters article detailing a Twitter filing of the fake and spam accounts.

“We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our mDAU during the quarter,” Twitter’s filing notes.

“The false or spam accounts for a period represents the average of false or spam accounts in the samples during each monthly analysis period during the quarter. In making this determination, we applied significant judgment, so our estimation of false or spam accounts may not accurately represent the actual number of such accounts, and the actual number of false or spam accounts could be higher than we have estimated.”

Hours after his original tweet linking to the article, Musk tweeted to confirm he’s “still committed to acquisition.”

A day before, Twitter CEO Parag Agrawal made several changes at the company, including firing Kayvon Beykpour, Twitter’s general manager of consumer products. Agrawal shared the news with staff in an internal email, The Verge reported.

It’s clear Twitter is preparing for the Musk take over, even though it has yet to be officially approved. Musk has plans to cut jobs and costs once the acquisition is complete. 

Source: The Verge