Elon Musk brought more drama to his bid to buy Twitter on Friday, saying the deal was 'on hold' while he investigated the volume of fake accounts on the platform. Experts speculated the move could be a precursor to negotiating down the sale price.
, which account for the bulk of Musk's wealth, had lost nearly 30% of their value in the last month as of Thursday's close. On Friday, Tesla stock was up nearly 8%.
But it's not clear that Musk would or could simply walk away from the deal. His agreement with Twitter includes a $1 billion break-up fee if he backs out, with few exceptions. The company works to detect and suspend false or spam accounts, and to omit them from its calculations of monetizable active users. But Twitter also acknowledged in its filing that fake or spam accounts still exist on its platform. It added,"our estimation of false or spam accounts may not accurately represent the actual number of such accounts, and the actual number of false or spam accounts could be higher than we have estimated.
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