Elon Musk announced that his proposal to buy Twitter is on hold. He plans to put it on hold until the platform is free of fake users. Spam and fake accounts make up more than 5% of all users. This report was formulated as per a recent analysis by Musk’s team. He aims to reduce this figure to less than 5%. A link to Reuters was present with the tweet. Doing so will help him easily monetizable active Twitter users.
Musk is purchasing Twitter for $44 billion. But if you haven’t been online recently, you may not have heard about it. He wants to double the number of individuals who can use it. Spambots will no longer be present, and its algorithms will be available to the public. Also, he intends to fight for the right to freedom of speech. Donald Trump and other Twitter users will get unbanned to use the service again, as a part of that.
Experts say that these objectives are difficult to achieve. Alex Stamos was Facebook’s chief security officer. He implied in a tweet that Musk’s Twitter plans would violate European law. He said that US and UK legislation on online safety are quite different. Between the EU Digital Services Act and Digital Markets Act, there is also an overlap. Stamos also said that Twitter has reached a point where it is not needed in industrialized countries. Achieving his goals will prove to be a difficult task for Elon.
In a follow-up tweet, Musk said he was “still committed” to the deal. Before the market opened, Twitter shares had fallen by 10% when he posted this update. He has only paused the process and he will soon continue with it once the fake users get removed.