Tesla Shares Move Higher After CEO Elon Musk Says He Has Wrapped $8.5B In Stock Sales To Fund Twitter Acquisition

Elon Musk says his deal to buy Twitter can't move forward unless the company shows public proof that less than five percent of the accounts on the social media platform are fake or spam.Musk made the comment in a reply to another user on Twitter early Tuesday. He spent much of the previous day in a back-and-forth with Twitter CEO Parag Agrawal, who posted a series of tweets explaining his company's effort to fight bots and how it has consistently estimated that less than five percent of Twitter accounts are fake.In his tweet Tuesday, Musk said that «Twenty percent fake/spam accounts, while four times what Twitter claims, could be much higher.

Elon Musk said overnight that his $44 billion acquisition of Twitter can’t move ahead unless the company backs up statements about the number of fake accounts on the platform, which the company has put at under 5%.

Elon Musk said Friday that his planned $44 billion purchase of Twitter is «temporarily on hold» pending details on spam and fake accounts on the social media platform, another twist amid signs of internal turmoil over the proposed acquisition.In a tweet, the Tesla billionaire linked to a Reuters story from May 2 citing a financial filing from Twitter that estimated false or spam accounts made up fewer than 5% of the company's «monetizable daily active users» in the first quarter.«Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,» Musk said, indicating he's skeptical that the number of inauthentic accounts is that low.A short time later on Friday morning, Musk tweeted that he remains committed to the purchase. Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuynIt wasn't clear whether the issue could scuttle the deal. Shares of both Twitter and Tesla swung sharply in opposite directions, with Twitter's stock tumbling 17% to $37.20 before trading opened in the U.S, and Tesla, which Musk had proposed using to help fund the Twitter deal, jumping 5%.

Naman Ramachandran The Twitter deal is temporarily on hold, billionaire Elon Musk posted on Friday.“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk posted on Twitter.Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn— Elon Musk (@elonmusk) May 13, 2022In the tweet, Musk provided a link to a May 2 Reuters article quoting Twitter’s filing on Monday. “Twitter Inc estimated in a filing on Monday that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter,” the Reuters piece said.Musk has been vocal about cleaning the platform of spam bots.

Twitter CEO Parag Agrawal has cut loose two top executives and announced a hiring freeze ahead of the company’s acquisition by Elon Musk, whose share purchases are reportedly being investigated by the SEC.

Elon Musk said Twitter would reverse its ban of former President Donald Trump if his purchase of the social media company goes through, signaling just how permissive the platform could become toward free speech under his ownership.

Elon Musk confirmed what has been speculated since he reached a deal to buy out Twitter: He’d allow Donald Trump to return to the platform.

Todd Spangler NY Digital EditorCould Donald Trump return to Twitter after all?Elon Musk, who has reached a $44 billion deal to acquire Twitter, said the social network’s permanent ban on the 45th U.S. president was a “morally bad decision” — one that he would overturn, if Musk successfully closes the deal.Twitter’s ban of Trump “was a mistake because it alienated a large part of the county and did not ultimately result in Donald Trump not having a voice,” Musk said, speaking at a Financial Times automotive conference, as reported by the Wall Street Journal.Musk also said, “If there are tweets that are wrong and bad, those should be either deleted or made invisible, and a suspension — a temporary suspension — is appropriate, but not a permanent ban.” Trump has insisted he wouldn’t rejoin Twitter regardless of who owns it.

Todd Spangler NY Digital EditorDevin Nunes, the former congressman who is now CEO of Donald Trump’s social-media rival to Twitter, claimed that his new boss “encouraged” tech mogul Elon Musk to acquire Twitter, to “take on these tech tyrants.”Musk says that’s false.“I’ve had no communication, directly or indirectly, with Trump, who has publicly stated that he will be exclusively on Truth Social,” Musk tweeted Friday, replying to a New York Post article about Nunes’ claims.In an appearance Wednesday on Fox Business Network’s “Varney & Co,” Nunes said, “President Trump, basically before Elon Musk bought it, actually said to go and buy it because the goal of our company is really to build a community where people are in a family-friendly, safe environment.” Nunes added, “we encouraged Elon Musk to buy” Twitter, because “someone has to take on these tech tyrants… Donald Trump wanted to make sure that the American people got their voice back and that the internet was open and that’s what we are doing.” Nunes, who is CEO of Trump Media & Technology Group, once sued Twitter, seeking $250 million in damages, alleging in part he was defamed by anonymous parody accounts “Devin Nunes’ Mom” and “Devin Nunes’ Cow.” A judge threw out the case.Musk has said he’s primarily interested in protecting “free speech” on Twitter, and he has criticized the company for allegedly having a left-leaning political bias. That stance has led right-wingers — who have long alleged Twitter (and other internet platforms) somehow stifle conservative viewpoints — to champion Musk’s $44 billion bid for Twitter.Twitter permanently banned Trump shortly after the Jan.

leaned into censoring certain users and content in the months leading up to his resignation.How things have already changed.Dorsey is among a new group of investors being floated by Elon Musk, the free-speech champion massing billions to complete his purchase Twitter, to participate as an investor in his private version of the company, according to a Securities and Exchange Commission filing from Thursday.The more than $7 billion in new money includes 19 investors, some of whom are current Twitter shareholders – including Larry Ellison, Sequoia Capital, Qatar Holding, and Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia. Equity commitments range from $1 billion (Ellison) on down to $5 million (Honeycomb Asset Management).It wasn’t immediately clear how the $7 billion would fit into the standing $44 billion offer that Musk made for the company, which was accepted late last month.

It appears Elon Musk will not be testifying in the Johnny Depp-Amber Heard defamation trial.  While Musk has been subpoenaed to hand over any and all communication he had with Heard about the "Pirates of the Caribbean" star, the tech boss will not be taking the stand on Heard's behalf.  Musk’s attorney, Alex Spiro, told Fox News Digital Wednesday his client will not testify.  During his testimony, Depp claimed he believed the Tesla boss was seeing his ex-wife while Depp and Heard were married.  A source with knowledge of the trial also claimed to the New York Post that James Franco, 44, will also be absent from the witness stand. Depp has also claimed Franco and Heard had an affair during Depp and Heard's marriage.  Reps for Franco did not immediately respond to Fox News Digital's requests for comment. Elon Musk name-dropped So, how does Musk factor into the Depp-Heard trial? Court documents claim that Heard began a romantic relationship with Musk just one month after the "Aquaman" actress, 35, tied the knot with Depp, 58.

The Tesla mogul and richest man in the world made a surprise offer to buy the social media platform putting in a succesful bid of $54. 20 a share to acquire it which the board accepted. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Mr Musk said in a statement.

Elon Musk is making a bid to buy social media giant Twitter. The billionaire owner of Tesla said he has lined up $46.5 billion in financing to buy the platform and negotiations between the two parties are understood to be underway.