Home Business Elon Musk announces suspension of Twitter takeover

Elon Musk announces suspension of Twitter takeover


Tesla boss and richest man on the planet, Elon Musk, said Friday, May 13, to suspend the takeover of Twitter pending details on the proportion of fake accounts on the social network. As a result, the group’s share plunged about 11% after this announcement in electronic trading before the opening of Wall Street.

→ DEBATE. Should we continue to use Twitter?

Elon Musk, however, wanted to reassure the stock market, by ensuring that the announcement of the suspension would not be “always engaged” to buy Twitter. The billionaire had announced that he wanted to buy the social network for the sum of 44 billion dollars (42 billion euros) on April 25.

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Redemption viewed with suspicion

The objective of this operation would be, according to Elon Musk, to defend freedom of expression which he considers flouted by too strict moderation of content. He wanted to make the social network a private company, not listed on the stock exchange. The takeover of Twitter had been viewed with suspicion by the United States and by the European Union, which immediately declared that the businessman would have to comply with its new legislation.

Since then, Elon Musk’s speeches have caused ink to flow. Tuesday, May 10, he had considered in particular that the decision taken by the leaders of Twitter to ban Donald Trump was “senseless” and “morally bad”. Permanent bans should be “extremely rare” and reserved for example for false accounts, estimated the entrepreneur.

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