Elon Musk, CEO of Tesla, has stated that his company's proposed acquisition of Twitter cannot proceed unless the company provides public proof that less than 5% of the accounts on the social media platform are fake or spam.
Musk made the remark in a Twitter reply to another user early Tuesday. He spent much of the previous day exchanging tweets with Twitter CEO Parag Agrawal, who explained his company's efforts to combat bots and how it has consistently estimated that less than 5% of Twitter accounts are fake. Musk stated in a tweet on Tuesday that "While Twitter claims 20% of its accounts are fake or spam, the actual figure could be much higher. My offer was based on the accuracy of Twitter's SEC filings."