Elon Musk hinted that he may seek to renegotiate the price of his Twitter acquisition, saying a lower-price deal “is out of the question.”
Twitter’s stock fell 8 percent as investors feared Musk would back down from his agreement to acquire the social media company for $44 billion.
He made the remarks while participating Monday at a summit hosted by Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg on their “All-In” podcast.
Twitter shares have also lost all of their gains since Musk announced his stake on April 4. This is partly due to the selling that occurred late last week. He announced on Friday that the acquisition was “on hold” while he investigated the number of fake accounts and spam on the platform, which he believes Twitter misidentified.
According to Bloomberg, Musk believed that fake users made up at least 20 percent of total users. In the previous quarter, Twitter said the accounts accounted for less than 5 percent of monetized daily active users.
The 50-year-old American billionaire started purchasing Twitter shares in January and disclosed a 9.2 percent stake in the company on April 4.
