Image Credit source: AP
Elon Musk said last month that he had struck a deal with Twitter for an acquisition for $44 billion.
Microblogging site Twitter (TwitterBig news is coming about. World’s richest man and CEO of electric car company Tesla Elon Musk ,Elon Musk) said that the deal to acquire Twitter has been temporarily put on hold. Last month, Musk announced the purchase of Twitter for $44 billion. Elon Musk gave this information by tweeting. Musk said the deal was put on hold until it was discovered that spam or fake accounts accounted for less than 5 percent of the microblogging site’s total userbase. Let us tell you that to buy Twitter, he has raised a fund of $ 7 billion i.e. Rs 50,000 crore from 19 investors.
Elon Musk tweeted saying that the Twitter deal is on temporary hold. The deal has been put on hold due to spam and fake accounts. Let us tell you that recently Twitter had informed that only 5 percent of the spam or fake accounts on its platform are there. There are 229 million users on the social media platform.
Twitter deal temporarily postponed
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, 2022
fired two employees
Twitter board is in turmoil after Elon Musk buys Twitter. Two employees have been fired from Twitter. The two fired employees include Twitter’s general manager, Kyvan Baccour, and the company’s revenue and product head Bruce Falk.
Raised Rs 50,000 crore fund
Musk has been successful in raising more than 50 thousand crore rupees from a group of investors. This fund has been raised from a total of 19 investors. Oracle co-founder Larry Ellison is among investors set to be part of Musk’s investment proposal.
In addition, Saudi Crown Prince Alwaleed bin Talal bin Abdulaziz Alsaud has pledged $35 million to buy Twitter shares in support of Musk.
$44 billion deal
This deal to buy Twitter is worth $ 44 billion. To complete the deal, a loan of $ 13 billion has been arranged in the name of Twitter, a margin loan of $ 12.5 billion has been arranged on Tesla stocks, Musk will put the rest of the amount from his own pocket.
This debt of $ 13 billion is 7 times of Twitter’s estimated EBITDA for the year 2022. This is the reason why some banks have only participated in giving margin loans.
Musk gave his offer to Twitter on April 14, while on April 21, Musk submitted the commitment to give loans to the banks, only after which Twitter gave the green signal to the deal.