Shares of Twitter fell more than 8 per cent on Monday after Elon Musk said he wants to buy the social media company for less than $44 billion and the “deal cannot move forward” unless the microblogging company provides proof that less than 5 per cent of its users are fake.
Twitter shares slumped to $37.39 at close of trading in New York, extending losses after Mr Musk was reported as saying a lower price for the company is appropriate.
The company's share price has slumped 31 per cent below Mr Musk's initial $54.20 a share offer as part of his proposed acquisition. Twitter had a $28.57bn market value as of the end of trading on Monday.
If Mr Musk decides to abandon the agreement he would have to pay the social media company a $1bn break-up fee.
Mr Musk and Twitter chief executive Parag Agrawal have argued over the company's estimates of spam accounts, Reuters reported, citing an attendee at a private conference, where Mr Musk spoke.
The quarrel extended to the social media microblogging site, with Mr Musk openly calling in a post for Twitter to welcome an independent audit to determine what percentage of its accounts are genuine or fake on Tuesday signalling it would take some time for the deal to go through.
The billionaire businessman tweeted on Friday that his acquisition of Twitter is temporarily on hold pending details on the amount of fake accounts on the social media platform. Mr Musk later said he is still "committed" to the acquisition of the social media company.
On Sunday, Mr Musk said he has not yet seen "any analysis" that suggests less than 5 per cent of Twitter accounts are fake.
"There is some chance it might be over 90 per cent of daily active users, which is the metric that matters to advertisers," he said on Twitter.
Twitter shares have declined below the level before Mr Musk revealed his Twitter stake in early April. His comment at the conference, which was closed to the media, is casting doubts about his commitment to proceed with the acquisition at the agreed price.
In a filing last week, Twitter said false or spam accounts represented fewer than 5 per cent of its monetisable daily active users during the first quarter. The San Francisco-based social media company said it had 229 million users who were served advertising in the first quarter.
The disclosure came after Mr Musk, who is the founder and chief executive of electric vehicle maker Tesla and rocket company SpaceX, tweeted that one of his priorities would be to remove spam bots from the platform.
Responding to days of criticism, Mr Agarwal took to Twitter on Monday and reiterated that fake accounts are less than 5 per cent of the total on the company's platform.
“We suspend over half a million spam accounts every day, usually before any of you even see them on Twitter,” he said in a tweet.
Twitter locks millions of accounts each week that it suspects could be spam, he said.
More from Rashmee Roshan Lall
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Killing of Qassem Suleimani
ASHES FIXTURES
1st Test: Brisbane, Nov 23-27
2nd Test: Adelaide, Dec 2-6
3rd Test: Perth, Dec 14-18
4th Test: Melbourne, Dec 26-30
5th Test: Sydney, Jan 4-8
Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
Mohammed bin Zayed Majlis
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
PAKISTAN SQUAD
Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
