According to a SEC form filed on Monday, Elon Musk asking Twitter for more information on SPAM accounts. On the form, Musk reiterated his request for certain data needed in order to calculate the evaluation of Twitter’s spam and fake accounts. Tesla’s CEO believes that the social media platform is actively thwarting information rights.
On May 13, Elon Musk had tweeted that the $44 billion Twitter deal was “temporarily on hold” due to pending details regarding the percentage of spam/ fake accounts. According to Reuters, Twitter estimated in a filing that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter. The social media company had 229 million users who were served advertising in the first quarter.
Twitter acquisition by Tesla’s CEO was seen since the beginning as risky by Tesla shareholders, specially due to Musk’s $6.25 billion loan backed with Tesla stock. Share price of the largest EV manufacturer quickly reacted topping $782 in the Pre-Market, up over 7% from Thursday’s closing price of $728.
On the same day Musk announced the intention to buy Twitter, Tesla’s CEO was interviewed for TED Vancouver and said: “I’m not sure that I will actually be able to acquire it. And I should also say, the intent is to retain as many shareholders as is allowed by the law. I could technically afford it”.
As Tesla’s CEO said various times during the last weeks, removing the fake accounts was one of his priorities when acquiring Twitter.