Twitter shares slump after Elon Musk says takeover on hold

insidetrack IndiaMay 13, 2022

590 1 minute read

Tesla CEO Elon Musk said in a statement announcing his deal to buy Twitter last month that he wants to defeat spam bots, authenticate all humans and make its algorithms open source.

Twitter Inc. shares tumbled after Elon Musk tweeted that his $44 billion takeover of Twitter Inc. is “temporarily on hold” over a filing stating fake accounts contribute less than 5% of its users. Twitter slumped 20% pre-market after Musk’s tweet, and Tesla shares rose roughly 5%. Twitter said in a previous filing “that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our monthly daily active users during the quarter.”Musk said in a statement announcing his deal to buy Twitter last month that he wants to defeat spam bots, authenticate all humans and make its algorithms open source.

Subscribe to our best newsletters

Subscribed to newsletter successfully

Thank you for subscribing to our Daily News Capsule newsletter.

Close Story

insidetrack IndiaMay 13, 2022

590 1 minute read

insidetrack India

Boy, 6, dies in fall from block of flats May 16, 2024
The boy's death is being treated by police as unexplained and an investigation is under way.
Death by dangerous cycling set to become offence May 16, 2024
Cyclists who cause deaths could face similar penalties to drivers including sentences of up to 14 years.
Why departing Hayes' WSL legacy goes beyond trophies May 16, 2024
Emma Hayes will go down as one of Chelsea's greatest managers when she leaves the club at the end of the season - and her role in helping grow the Women's Super League must not be forgotten.
Call to vaccinate children after measles outbreak May 16, 2024
Latest figures show London has the most cases in England, the UK Health Security Agency says.
Britons eye Olympic spots at Night of 10,000m PBs May 16, 2024
Megan Keith and Patrick Dever are among the British athletes hoping to qualify for the Paris 2024 Olympics at the Night of the 10,000m PBs on Saturday.

Jhansi man fined for not wearing helmet while driving Audi May 16, 2024
Bahadur Singh Parihar, president of a truckers’ union in Jhansi, fined Rs 1,000 by traffic police for not wearing a helmet while driving his Audi car. He visited the RTO office to address the clerical error and was advised to wait until after the Lok Sabha elections.
ARINDAM GHOSH
SC directs Centre to deport 17 foreigners languishing in Assam detention centre May 16, 2024
The Supreme Court on Thursday directed the Union of India to deport 17 foreigners languishing in a Assam detention centre, noting there is no offence registered against them. A bench of Justices Abhay S Oka and Ujjal Bhuyan noted a report submitted by the State Legal Services Authority which stated that there are 17 declared […]
TOI NEWS DESK
Indians travelling like never before; top int'l destinations this summer May 16, 2024
Indians are exploring key markets with a surge in visits to Japan, Vietnam, and the US. Top summer holiday destinations include Amsterdam, Singapore, and London. The Mastercard report shows a growth in Indian travel due to a growing middle class and expanded route capacity.
SAURABH SINHA
'I hope he...': Michael Hussey on MS Dhoni's retirement call May 16, 2024
Michael Hussey hopes Mahendra Singh Dhoni continues batting well for Chennai Super Kings after resigning as captain for the 2024 season, handing over to Ruturaj Gaikwad. Dhoni, who led the team to multiple IPL titles, is managing workload post-knee surgery. He surprised by not attending captains' meeting, indicating Gaikwad as the new captain.
TOI SPORTS DESK
'Don't trust Mamata': Adhir on 'outside support' remark May 16, 2024
Talking about Mamata Banerjee's "outside support" to the INDIA alliance, Congress's Adhir Ranjan Chowdhary said, "I don't trust her (Mamata). She left the alliance and ran away. She can also go towards the BJP if the results are favourable to them ... Everyone has seen that she was the one who broke the alliance."
TOI NEWS DESK
90 hospitalized after consuming food at temple feast in Maha May 16, 2024
At least 90 individuals hospitalized after consuming food at a temple feast in Nanded district, Maharashtra due to suspected food poisoning. The incident took place in Naigaon with devotees given 'ambil' and 'khir'. All individuals are in stable condition.
TOI CITY DESK
Rakhi Sawant's lawyer quashes ex-husband Adil Khan claims May 16, 2024
Rakhi Sawant hospitalized for health issues like fibrosis and heart problems. Falguni disputes Adil's claims about court hearing, mentions upcoming surgery. Adil accused of seeking publicity, was in jail during Rakhi's tests. Legal steps to be taken following Supreme Court directions.
etimes.in
Loan interest rates: SBI, HDFC Bank, BoB, PNB in May 2024 May 16, 2024
Banks adjust MCLR monthly based on factors like repo rate. Latest MCLR rates from top 7 banks in May 2024 highlighted. Banks cannot lend below MCLR except in specific cases. Rates effective from specific dates. Consumer loans linked to 1-year MCLR. Yes Bank and Canara Bank rates effective from specific dates. IDBI Bank and SBI […]
TOI BUSINESS DESK
GST AAR: Acting as a marketing/ recruiting to int univ can qualify as exports May 16, 2024
Telangana AAR clarifies CIAV's services to foreign universities as non-GST exports if payments are in foreign exchange. Independent contractor status and foreign universities' locations outside India support the exempt classification.
LUBNA KABLY
Watch: Ishan Kishan tests wrestling skills against Tim David May 16, 2024
The Mumbai Indians camp shares a funny video of Ishan Kishan challenging the giant David. Ishan charges at David's legs in a playful manner. MI, the five-time champions, have one league match left against Lucknow Super Giants in IPL 2024.
TOI SPORTS DESK