'Deal can't move forward until...': Elon Musk's ultimatum to Twitter CEO Parag Agrawal

Tesla CEO Elon Musk earlier hinted that he would like to pay less for Twitter than his original USD 44 billion offer made last month over spam profiles.

By Subhasish Dutta
Updated: Tue, 17 May 2022 01:32 PM IST
Minute Read
'Deal can't move forward until...': Elon Musk's ultimatum to Twitter CEO Parag Agrawal
Reuters Image

Washington | Jagran Business Desk: Elon Musk said on Tuesday his deal for Twitter will not move forward until the company's chief executive officer publicly shows the proof that it has less than 5 per cent of spam accounts.

"20 per cent fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. My offer was based on Twitter's SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5 pe cent. This deal cannot move forward until he does," Musk tweeted.

Musk, the world's richest man, is locked in a spat with Agrawal over the actual number of spam accounts or bots on the social media platform.

Speaking at a conference in Miami, Musk said that Twitter could have at least four times more fake accounts than what has been revealed in its filing. "You can't pay the same price for something that is much worse than they claimed," he said during the event late on Monday.

"Currently what I'm being told is that there's just no way to know the number of bots. It's like, as unknowable as the human soul," he added.

Musk, who earlier put the USD 44 billion takeover deal on hold, believes bots make at least 20 per cent of Twitter users, and a lower price may not be "out of the question". Soon after his announcement, Twitter shares were down 8 per cent to close at USD 37.39 on Monday.

Musk attacked Agrawal after the Twitter CEO on Monday explained how the micro-blogging platform is fighting spam and fake accounts.

The Tesla CEO even showed an emoji depicting a "pile of poo" to Agrawal on his Twitter thread.

"Our actual internal estimates for the last four quarters were all well under 5 per cent -- based on the methodology outlined above. The error margins on our estimates give us confidence in our public statements each quarter," said Agrawal.

"Unfortunately, we don't believe that this specific estimation can be performed externally, given the critical need to use both public and private information (which we can't share). Externally, it's not even possible to know which accounts are counted as mDAUs on any given day," said Agrawal.

Musk then replied on his Twitter thread: "So how do advertisers know what they're getting for their money? This is fundamental to the financial health of Twitter."

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy.