Advertisement
trendingPhotosenglish2463518https://zeenews.india.com/photos/business/elon-musk-twitter-deal-on-hold-for-now-key-things-to-know-2463518
photoDetails

Elon Musk-Twitter deal on hold for now: Key things to know

As a result of the acquisition, Musk stated that he will make Twitter algorithms open source and alter its regulations to better encourage free expression on the network.

Elon Musk

1/10
Elon Musk

The US Federal Trade Commission(FTC) recently investigated Elon Musk's acquisition of Twitter. 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."

 

Donald Trump

2/10
Donald Trump

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 labelled 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.

 

Musk investment in Twitter

3/10
Musk investment in Twitter

In a regulatory filing before the acquisition, Musk revealed that he owned a 9.2 percent investment in Twitter.

 

Twitter shares

4/10
Twitter shares

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.

 

Investors

5/10
Investors

Musk claimed to have received about $7 billion (approximately Rs. 54,200 crore) in funding for his $44 billion acquisition from a group of investors including Oracle Co-Founder Larry Ellison.

 

Twitter shareholders

6/10
Twitter shareholders

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

 

Twitter

7/10
Twitter

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

 

Twitter spam accounts

8/10
Twitter spam accounts

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

 

Twitter response

9/10
Twitter response

Twitter is still 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.

 

Twitter deal on hold

10/10
Twitter deal on hold

"Twitter deal temporarily on hold pending details supporting calculation that spam/ fake accounts do indeed represent less than five percent of users," Musk tweeted.

 

NEWS ON ONE CLICK