Elon Musk to Parag Agrawal: Twitter deal can't move forward until...
By Team Newsable | First Published May 17, 2022, 2:13 PM ISTMusk stated on Twitter, "While Twitter says 20% of its accounts are bogus or spam, the actual figure might be *much* higher. My offer was predicated on the accuracy of Twitter's SEC filings. Yesterday, Twitter's CEO openly declined to provide proof of 5%. This transaction cannot proceed unless he does."
In a significant developemtn, Tesla CEO Elon Musk stated that his acquisition of Twitter Inc will not proceed until the company's CEO, Parag Agrawal, publicly demonstrates that it has less than 5% spam accounts.
Musk stated on Twitter, "While Twitter says 20% of its accounts are bogus or spam, the actual figure might be *much* higher. My offer was predicated on the accuracy of Twitter's SEC filings. Yesterday, Twitter's CEO openly declined to provide proof of 5%. This transaction cannot proceed unless he does."
20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.
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.
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On Monday, the stock fell more than 8% to settle at $37.39, a level lower than the day before Musk unveiled his Twitter investment in early April, raising doubts that the billionaire entrepreneur would complete his acquisition at the agreed-upon price.
Twitter CEO Parg Agrawal tweeted on Monday that internal estimates of spam accounts on the social media network for the previous four quarters were "far under 5%," in response to Musk's criticism of the company's treatment of false accounts. Twitter's estimate, which has been constant since 2013, could not be replicated outside due to the necessity to utilise both public and private information to evaluate if an account is spam, according to Agrawal.
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Our actual internal estimates for the last four quarters were all well under 5% – based on the methodology outlined above. The error margins on our estimates give us confidence in our public statements each quarter.
— Parag Agrawal (@paraga)Musk has promised improvements to Twitter's content moderation policies, criticising judgments such as its removal of former President Donald Trump as unduly severe and promising to crack down on "spam bots."
Musk has asked for random samples of Twitter users to be tested in order to identify bots. "There's a potential it'll be more than 90% of daily active users," he added.
According to independent analysts, anything from 9% to 15% of the millions of Twitter identities are bots. Spam bots and phoney accounts are used to control or artificially raise activity on social media networks like Twitter.
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