SEC Investigates Twitter Over Spam Accounts – Court Orders Social Media Giant To Provide Elon Musk With More Information – Featured Bitcoin News

Twitter Inc has been ordered to provide Elon Musk with additional information related to spam and bot accounts. The social media giant has filed a lawsuit against Tesla’s CEO over his $44 billion offer to buy the social media platform. The US Securities and Exchange Commission (SEC) has questioned Twitter about the number of spam accounts.

The court ordered Twitter to provide more information to Elon Musk.

Delaware District Court Judge Chancellor Kathleen St. J. McCormick signed an order requiring Twitter Inc. (NYSE: TWTR ) to provide additional information to Tesla and SpaceX CEO Elon Musk. Plaintiff Twitter is suing Musk and two of his companies, X Holdings I and X Holdings, for allegedly reneging on a $44 billion deal to buy the social media platform. Musk opposed Twitter.

Judge McCormick said in her order:

The defendants’ request for information is entirely out of the question.

“Read literally, the defendants’ document requests require the plaintiff to release trillions of data points that reflect all the data Twitter can collect for the approximately 200 million accounts included in the MDAU count every three years,” she added. He said.

The social media company defines monetizable daily active users (mDAU) as “Twitter users who log into Twitter on any given day via or the Twitter apps that can display ads.”

The order further reads:

Plaintiff is ordered to provide a subset of Defendants’ requests: the 9,000 accounts reviewed in connection with Plaintiff’s Q4 2021 audit, which the parties refer to as a ‘historical snapshot’.

“Plaintiff has stated that with considerable effort, these documents could be produced in less than two weeks, and Plaintiff will endeavor to meet that timeline. Additionally, Plaintiff must produce sufficient documentation to demonstrate how those 9,000 accounts were selected for review,” the order details.

Meanwhile, the US Securities and Exchange Commission (SEC) has investigated Twitter’s methods of identifying spam accounts, according to a new regulatory filing released Wednesday.

In a June 15 letter, the SEC asked Twitter CEO Parag Agrawal to provide some information about how the company calculates bot accounts. The SEC wrote: “We note your estimate that average fake or spam accounts will continue to represent less than 5% of mDAU in fiscal 2021.

To the extent material, please describe the methodology used to calculate these figures and the underlying judgments and assumptions used by management.

Twitter responded to the SEC’s request on June 22 with a formal disclosure of its training methodology. The social media giant said it had made “adequate” disclosures of the methodology it used for its security watchdog, which randomly selected thousands of accounts for review. People in every quarter.

The SEC sent another letter to Twitter on July 27: “We have completed our review of your filing. We remind you that the company and its management are responsible for the accuracy and correctness of the statements made by the employee regardless of any assessment, opinion, act or omission.

Earlier this month, Musk sold nearly 8 million Tesla shares. Tesla’s boss said it was important to avoid a sudden selloff of Tesla stock when Twitter forced the deal to close and some equity partners did not come forward.

Do you think the court will force Elon Musk to go through with the deal to buy Twitter? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in Bitcoin security, open source systems, network effects and the relationship between economics and cryptography.

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