Elon Musk said Friday that his plan to buy Twitter is “temporarily on hold,” raising doubts about whether he’ll proceed with his proposed $44 billion acquisition of the social platform
The problem of fake accounts on Twitter is not a secret.
“To claim that this is the reason that he's putting the deal on pause, it's not credible,” Silver said. “This is not a new issue for him. It's not just entering his consciousness now.” Tesla shares may have benefitted from Twitter bot accounts over the years as well. A University of Maryland researcher recently concluded that such bots have been used to generate hundreds of thousands of positive tweets about Tesla, potentially buoying its stock in years when it was under pressure.Investors assessing the deal have had to
Money from the new investors cuts the amount borrowed on the value of Tesla stock to $6.25 billion, according to the filing. The Tesla equity share could go from $21 billion to $27.25 billion. Using Twitter to make a major announcement that moved the share prices of two companies could be problematic for Musk. Under a 2018 securities fraud settlement with the SEC, Musk has to get approval from a Tesla lawyer before tweeting anything that could influence the company's share price. It wasn't clear whether Musk got such approval for his 5:44 a.m. EDT tweet Friday announcing suspension of the Twitter deal.
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