Elon Musk announces a deal with Twitter to hold details about fake accounts

Even before Friday’s announcement, the company’s market price had dropped to $9Bn below the offer price because of concerns about the deal.

If the deal is approved, Musk will serve as Twitter’s interim CEO. He would need to pay a $1 million breakup fee if he decides to leave. Musk’s net worth is more than $220 billion.

Twitter stated in a filing this month that less than 5% of its daily active users were bots or spam accounts during the first quarter.

Musk, the world’s wealthiest person, wants the company to confirm that before he moves forward with the deal. The deal is partly funded by Andreessen Horowitz and Larry Ellison, co-founders of Oracle.

The San Francisco-headquartered social media company said in the filing that it had 229 million users in the first quarter who were served advertising.

Musk stated Tuesday he would lift Twitter’s ban on former President Donald Trump if he assumes control of the company.