Twitter stock has plummeted more than 19% premarket after Elon Musk said that his $44 billion acquisition of the platform would be put "temporarily on hold."
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," he tweeted today, citing a May 2 report from Reuters regarding estimated bot activity on the social media platform.
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
Eliminating spam and bot activity was one of the primary objectives for the SpaceX and Tesla chief when discussing his ambitions for Twitter. He also said that he plans to make Twitter's code open-source on GitHub and add an edit feature, among other ideas.
Today's news follows a long saga linking the social media platform, the controversial entrepreneur, and, of course, cryptocurrencies.
Musk's Twitter saga
Elon Musk first bought just a 9.2% stake in Twitter on April 4, before making a formal bid just weeks later for 100% control over the social media platform. Twitter formally accepted the offer on April 25 despite the board invoking a "poison pill" to block the deal.
Outside of the above-mentioned features, Musk has also discussed integrating Dogecoin as a payment option for Twitter's premium services, adding to his reputation as one of Dogecoin's most influential voices.
Twitter has entered a new age—one in which the company is owned solely by Dogecoin's biggest fan: Elon Musk.
Naturally, Dogecoin is booming—up 26% as of this writing, peaking at $0.1675—after the deal was announced. By comparison, Bitcoin and Ethereum were up 1.6% and 2% on the day, respectively.
Dogecoin’s price is prone to react to Elon Musk’s accomplishments and DOGE-related proclamations over Twitter. His frequent memes were largely responsible for pushing Dogecoin to a third-place market ca...
In an updated 13D filing to the SEC, it was revealed that crypto's largest exchange Binance had helped finance Musk's Twitter bid to the tune of $500 million. Binance CEO Changpeng Zhao took to Twitter to share the news, calling it "a small contribution to the cause."
Ledger has introduced a new type of backup that it calls a “spare key” for your crypto wallet.
The Ledger Recovery Key works with the Ledger Flex and Ledger Stax wallets as a way to recover access to your assets.
The Recovery Key incorporates NFC connectivity alongside a Secure Element that stores a PIN-protected backup key.
Once paired with a Ledger Flex or Ledger Stax hardware wallet, users can recover their crypto wallets by tapping the card against the device and entering a PIN.
The device...
Mastercard will tap Fiserv’s FIUSD stablecoin for its existing products and services, soon allowing more than 150 million merchants to use the dollar-pegged token, the payments giant said in a press release on Tuesday.
“This work with Fiserv is setting the stage for a new era, where stablecoins are as ubiquitous and trusted as fiat currencies,” Mastercard Americas Co-President Chiro Aikat said in a statement. “We are creating a robust ecosystem.”
Through a partnership, Mastercard and Fiserv wil...
Embattled crypto exchange WazirX received a lifeline Tuesday when a Singapore court granted the company's request to present additional arguments for its restructuring plan, extending a crucial moratorium that keeps its recovery efforts alive.
The Singapore High Court's decision comes after it initially declined to approve WazirX's proposed restructuring plan in early June. The move dealt a significant blow to the India-serving exchange, which has been struggling to resume operations following a...