June 25, 2022

Elon Musk insider predicts Twitter sale will finalize at lower cost than expected

Billionaire Elon Musk has yet to finalize the deal to purchase Twitter. Fellow investor Tim Draper, who also sunk funds into Tesla and SpaceX, thinks Musk may be holding out for a better offer.

Draper projects Musk will close on the sale of Twitter, but not without the social media platform discounting the $44 billion price tag, the New York Post reported. Musk’s longtime associate co-founded one of the firms pitching in $100 million for the sale.

When asked whether he is confident the sale will go through, Draper answered in the affirmative with one caveat. “I think so,” he said. “But I think he’s going to get a better deal because he found out that, whatever, two-thirds [of users] are bots or something.”

Musk had announced Friday that he was putting the sale “temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”. However, Musk later said he was “still committed” to the purchase despite concerns.

In an attempt to stay in front of the controversy, Twitter CEO Parag Agrawal tweeted a lengthy explanation Monday of steps the company was taking to eliminate fake accounts and bots and assured the public that the share was less than 5% of users. To that, Musk replied with a happy poop emoji.

While some see Musk’s interest in Twitter as purely business, Draper said he felt it was ideological. “I think he believes — and weirdly Jack Dorsey believed — in free speech,” Draper had previously told Fox Business’s Liz Claman. “And he’s sort of terrified they are — Twitter is — sort of the arbiters of what people are allowed to say,” he added.

“And I think he just went in and said, ‘You know, I can buy it,'” Draper said. “And he just is going to. I think that’s basically what happened.”

Musk got where he is by being a shrewd businessman, but he’s become a larger-than-life figure because of his willingness to think big. If Draper is right, Musk will have the opportunity to foster free speech on the internet — all at a discounted price.

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