(RTTNews) – Billionaire and Tesla CEO Elon Musk, who is about to take over Twitter Inc. , could ask for a lower price for the social media platform, as he estimates there could be at least 4 times more fake accounts than the company has. announced, Reuters reported.
It was in late April that Twitter agreed to settle for Musk’s offer to buy about $44 billion and a private company. Musk then agreed to pay Twitter shareholders $54. 20 in cash for each Twitter share.
However, last week, it suspended the acquisition of Twitter pending additional data on spam and fake accounts on the microblogging site. Musk then tweeted that the deal was pending the main points supporting the calculation that spam/fake accounts account for less than 5% of users.
Twitter has blatantly admitted for years that about 5% of accounts are users. But Musk said he suspected they accounted for at least 20 percent of users.
Currently, Twitter requires users to log in with their genuine identities and allows for automated profiles and pseudonyms.
Musk, with a stake of about 9. 2% in Twitter, is the shareholder of the microblogging platform.
Meanwhile, Twitter has now said it has filed its initial power of attorney with the U. S. Securities and Exchange Commission. As part of the deal to get Musk affiliates for $54. 20 consistent with a consistent percentage of cash. The transaction, subject to conditions, is expected to close in 2022.