Monday, September 26, 2022

Twitter ready: Musk hinted at a lower purchase price

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The company Twitter announced that it is ready to conclude a purchase agreement with Elon Musk worth 44 billion dollars at the previously offered price and conditions.

The agreement is subject to approval by Twitter shareholders, and it is estimated that the deal could be completed in 2022, the company said in a statement, Reuters reports.

U.S. entrepreneur and billionaire Elon Musk has hinted that he may be asking for a lower price to buy Twitter, estimating that it is possible that there are at least four times more fake accounts on that social network than the company claims.

“You can’t pay the same price for something much worse than they claimed.” he said at a conference in Miami on Monday night.

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Musk, who said on Friday he had postponed a $ 44 billion Twitter purchase deal until he received information about fake accounts and spam, saying he suspected they made up at least 20 percent of users, according to an official Twitter estimate from 5.0 percent, Reuters reports.

Asked at the conference whether a contract to buy Twitter at a different price was feasible, Musk replied: “I don’t think that’s out of the question. The more questions I ask, the more my concerns grow. “

He added that Twitter executives say they have a complex methodology that only they can understand.

“It can’t be some deep mystery that is, like, more complex than the human soul or something like that.” Musk said.

Twitter shares continued to sink in trading late Monday afternoon after Mask’s comments. Shares fell more than 8.0 percent to $ 37.39, which is below the level they were the day before Musk revealed in early April that he had bought a 9.0 percent stake in the company.

His words sowed doubt that he would continue with the acquisition of the company at the agreed price.

Earlier Monday, Twitter CEO Parag Agraval tweeted that internal estimates of spam on the social media over the past four quarters had been “below 5.0 percent”, reacting to several days of Mask’s statements that the company handles fake orders.

The assessment of Twitter, which has remained the same since 2013, cannot be reproduced from the outside, as it requires the use of both public and private information to determine whether the account is spam, the Twitter chief wrote.

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Musk responded to Agraval’s defense of the company’s methodology with the emoticon of a tired face, commenting: “So how do advertisers know what they get for their money? It’s fundamental to Twitter’s financial health.”

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