On July 7, Twitter executives revealed that the social media platform is deleting over a million spam accounts daily, stepping up its efforts to fight fake accounts and lessen harmful automated retweets. In May, company executives stated that they were suspending 500,000 spam accounts daily.
This initiative was launched in response to billionaire Elon Musk's threats to suspend his purchase of Twitter if the company fails to present evidence that spam and automated accounts account for less than 5% of its users. Musk previously stated that once he purchased the platform, he would prioritize combating spam accounts. Since 2014, Twitter has stated that it believes spam accounts account for less than 5% of its daily active users. Twitter has nearly 230 million active users every day.
Backing out of this agreement could result in a legal battle between the two parties. Musk signed a legally binding agreement to buy Twitter in April, which included a $1 billion USD breakup fee if the deal fell through. If the deal is not completed by October 24, both parties can move on. The agreement is critical for Twitter, which has struggled to grow in recent years. Twitter's stock has dropped more than 20% since April, making the completion of the deal critical for its shareholders. "The Twitter board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk," Twitter chairman Bret Taylor tweeted.
Musk's team stated that the social media platform did not provide the requested spam account measures. Meanwhile, the company has confirmed that spam accounts constitute far less than 5% of its user base. It has been stated that reviewers manually examine thousands of Twitter accounts using a combination of public and private data in order to calculate the percentage of spam accounts on Twitter and notify shareholders. In this process, forensic experts and language specialists are involved. The company has also stated that it does not believe an external audit will be able to calculate this percentage because it requires specific information. Twitter, on the other hand, declined to comment on the type of data it would provide Musk.
Twitter's stock dropped 5% after news outlets reported that Elon Musk may withdraw the $44 billion USD offer. Insiders have told The Washington Post that the deal is in jeopardy because Musk's team has been unable to confirm data regarding spam accounts on Twitter. It was also reported that he had halted negotiations for financing the acquisition.
Additional Reporting by Misbar's Arabic Team
Misbar's Sources:
Misbar
Reuters
Forbes
The Washington Post
The Washington Post
Forbes
New York Times
New York Times
The Guardian
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