Elon Musk Twitter Buyout Allegedly Delayed; Fake Accounts, Stock Drop, and Other Issues

Elon Musk's Twitter buyout is allegedly delayed because of increasing fake accounts on the platform. But, the billionaire didn't confirm if he halted the purchase.

He clarified that he is still committed to buying the social media platform.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," said the billionaire via its official Twitter announcement, which contains the official report of Reuters.

Aside from fake accounts, there are also possible issues that are affecting the buyout.

Elon Musk Twitter Buyout Allegedly Delayed

According to NBC News' latest report, Musk agreed to buy all the shares of Twitter, which amount to $44 billion. However, this is still incomplete.

Now, the stocks of the social media platform are experiencing a drastic decrease in the past weeks. Because of this, the total value of Twitter also dipped.

On May 13, Twitter's shares decreased by around $35 billion. On the other hand, the stock in pre-market trading also dropped after Elon Musk made posted his tweet regarding the rising number of fake accounts on the online site.

But, it is still unknown if the fake accounts or the stock decrease are the main factors for the billionaire to delay his billion-dollar buyout.

Recently, he explained that one of his main reasons for buying Twitter is to prevent fake accounts from affecting the free-speech platform.

Twitter's Disinformation Issue

One of the main reasons Elon Musk wants to solve the fake account issue on the platform is to stop the spread of fake news.

For the past years, Twitter has been trying to prevent spam and bot accounts on social media platforms. However, its plans are still inefficient since disinformation is still happening.

Now, Elon Musk is expected to change this once he completes the massive Twitter buyout. If you want to see further details about the billionaire's alleged delayed platform purchase, you can visit this link.

On the other hand, Twitter's CEO asked the company's executives to resign from their positions.

Meanwhile, Elon Musk's plan includes making the platform public again.

For more news updates about Elon Musk's Twitter buyout and other related business tech topics, always keep your tabs open here at TechTimes.

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Written by: Griffin Davis