Elon Musk Says Twitter Buyout Is “Temporarily On Hold”

Elon Musk took to Twitter to let everyone know that his deal to buy the platform for $43 billion is currently on hold.

In the tweet, he said, “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

He followed up with a second tweet saying he is “still committed to the acquisition.”

Musk wants to “authenticate all humans” to eliminate any spam or fake accounts. Musk will risk overpaying in the deal if they can’t do this. He initially agreed to buy the company for $54.20 per share. As of Friday, the shares have fallen more than 8% and are down about 23% since the deal began.

Although the two parties have agreed to a breakup fee, Musk could risk a lawsuit for breach of contract if he backs out of the deal.

The $1 billion termination fee only applies if the deal can’t be closed due to regulatory intermediation, third-party financing concerns, or fraud.

A market dip or feeling like he overpaid wouldn’t be a viable reason to back out.

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