No proof, no deal: Elon Musk refuses to buy Twitter until it proves number of fake and spam accounts

Twitter shares were trading at $37.43/share Tuesday, 31% below Musk’s $54.20/share offer price.

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Elon Musk revealed if he will buy Twitter or not. He set the main condition for a successful deal: the company must show how many fake accounts and spam bots actually exist.

Musk needs hard proof of the social network’s assertion that less than 5% of its users are fake accounts or spam bots — and he said the deal cannot “move forward” until Twitter does so.

He also posted that there can be up to 20% fake/spam accounts and it can be "much" higher, up to 90%.

“My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does,” Musk tweeted early Tuesday.

Read also: Twitter shares are down 17% after Elon Musk said the deal is on hold.