Ringler also alleged that Twitter broke the agreement when it fired its revenue product leader and general manager of consumers, as well announcing the layoff of one-third of its talent acquisition team. Here’s how Elon Musk’s plans for the platform could make it worse READ MORE: Twitter has a misinformation problem. Twitter said such private data helps avoid misidentifying real accounts as spam. Private data, which isn’t available publicly and thus not in the data “firehose” that was given to Musk, includes IP addresses, phone numbers and location. Last month, Twitter offered Musk access to its “firehose” of raw data on hundreds of millions of daily tweets, according to multiple reports at the time, though neither the company nor Musk confirmed this. To calculate how many accounts are malicious spam, Twitter said it reviews “thousands of accounts” sampled at random, using both public and private data such as IP addresses, phone numbers, geolocation and how the account behaves when it is active, to determine whether an account is real. the spam accounts represent well below 5 percent of its active user base each quarter. Twitter said it removes 1 million spam accounts each day. On Thursday, Twitter sought to shed more light on how it counts spam accounts in a briefing with journalists and company executives. “From the beginning this was always a head scratcher to go after Twitter at a $44 billion price tag for Musk and never made much sense to the Street, now it ends (for now) in a Twilight Zone ending with Twitter’s Board back against the wall and many on the Street scratching their head around what is next.” He predicted a long court fight by Twitter to either restore the deal or get a $1 billion breakup fee that was specified in the contract. “This is a disaster scenario for Twitter and its board,” Wedbush analyst Dan Ives wrote Friday in a note to investors. It also said the information is fundamental to Twitter’s business and financial performance, and it’s needed to finish the merger agreement. Musk incomplete or unusable information,” the letter said. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. “Twitter has failed or refused to provide this information. Musk lawyer Mike Ringler wrote in the letter to Twitter dated Friday that for nearly two months, Musk has sought data to judge the prevalence of “fake or spam” accounts on the social media platform. READ MORE: What 3 experts think about Elon Musk buying Twitter Shares of Tesla, meanwhile, climbed 2.5 percent to $752.29. On Friday, shares of Twitter fell 5 percent to $36.81, well below the $54.20 that Musk had offered to pay.
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Much of the drama has played out on Twitter, with Musk - who has more than 100 million followers - lamenting that the company was failing to live up to its potential as a platform for free speech. The possible unraveling of the deal is just the latest twist in a saga between the world’s richest man and one of the most influential social media platforms. Instead, it looks ready to fight to complete the deal, which the company’s board has approved and CEO Parag Agrawal has insisted he wants to consummate. Twitter could have pushed for a $1 billion breakup fee that Musk agreed to pay under these circumstances. We are confident we will prevail in the Delaware Court of Chancery.” Musk and plans to pursue legal action to enforce the merger agreement. The chair of Twitter’s board, Bret Taylor, tweeted in response that the board is “committed to closing the transaction on the price and terms agreed upon with Mr. The Tesla CEO sent a letter to Twitter’s board Friday saying he is terminating the acquisition.īut Twitter isn’t accepting Musk’s declaration. Elon Musk announced he will walk away from his tumultuous $44 billion offer to buy Twitter, leaving the deal on the verge of collapse.
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