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Axios
Axios
Business

Elon Musk says Twitter deal "cannot move forward" unless spam questions are answered

Elon Musk Twitter Inc. Parag Agrawal SEC

Elon Musk tweeted at 3:32am ET Tuesday that his bid to buy Twitter "cannot move forward" unless CEO Parag Agrawal provides proof for his estimate that less than 5% of users are bots or spam accounts.

Why it matters: Analysts believe Musk is using allegations that Twitter's user base has more bots than the company claims to either back out of the deal or negotiate down a price, especially now that Twitter's stock price has plummeted amid a broader market downturn.

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