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Musk says Twitter takeover will not go ahead without clarity on spam accounts

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Elon Musk’s Twitter takeover has briefly paused with the billionaire wanting to know how many fake BOT accounts are on the platform

Musk says his bid to buy Twitter was “temporarily on hold” pending details about how many spam and fake accounts are on the platform.

Managing Direction and analyst at Wedbush Securities, Dan Ives says he thinks Musk may have gotten cold feet or is trying to push the price down.

He says that bots and fake accounts on Twitter have played a factor.

“Twitter’s claim is that there’s less than five per cent. Musk said it could be as much as 20 per cent… I think this continues to be a bit of a scapegoat, you know, for him to try to get at a deal,” Ives says.

Over the weekend, he tweeted that Twitter’s legal team called to complain that he had violated their non-disclosure agreement. Twitter has declined to comment

Musk set to negotiate a lower Twitter purchase price

Ives says Musk is attempting to lower the price of the original billion dollar deal.

“Now the question is what is he ultimately offering and negotiating? And then what will the Twitter board do?”

Musk’s involvement with Twitter plays a significant role in how the company performs.

“Musk has a billion dollar breakup fee pretty small relative to the deal. If he walks, you could see Twitter stock go down in a few hours.”

“He’s hugely critical to the company,” he says.

However, Ives does believe that Musk ultimately wants to get the deal done.

“I think ultimately, Musk comes back somewhere in the mid 40 billions…and then ultimately, this becomes a back and forth between the Twitter board.”

Alternaviely, Ives suggests that if Twitter do not comprimise, Musk may walk from the Twitter deal all together.

Over the recent weeks Twitter stocks have been hit compared to other stocks.
“I’d it is historic in terms of what I’ve seen going on…I think quality tech is oversold here and markets are already pricing in a modest recession.”

Amanda Gunn contributed to this post.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Business

British lawmakers want to fine social media

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Social media companies could be fined if they don’t remove harmful content, according to a new plan from the UK Government

Lawmakers want to make it illegal to encourage users to harm themselves online.

It’s part of a crackdown on online behaviour on content that leads to self harm.

In a statement, Digital Secretary Michelle Donelan said these firms “can no longer remain silent bystanders”.

She says they’ll face fines for allowing this abusive and destructive behaviour to continue on their platforms.”

It follows the death of Molly Russell in 20-17, which sparked concern for harmful content online.

A coroner ruled social media platforms fed her content that “romanticised acts of self-harm”.

Sexually explicit materials will also be banned under the new policy.

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Twitter adds millions of users after cutting staff

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elon musk twitter

Twitter boss Elon Musk says new user signups to the social media platform are at an “all-time high”.

That’s despite his recent struggles with a mass exodus of advertisers and users fleeing to other platforms.

Musk says signups to Twitter are averaging over two million per day over the past week.

Reported impersonations on the platform spiked earlier this month, before and in wake of the Twitter Blue launch.

Musk says buying Twitter will speed up his ambition to create an “everything app” called X.

Musk’s “Twitter 2.0 The Everything App” will have features like encrypted DMs, longform tweets and payments.

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Business

Move over Black Friday, it’s Cyber Monday

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If you’ve still got a bit of cash left over from Black Friday sales, well today is Cyber Monday.

Officially kicking off today, the Cyber Monday sales are widely regarded as some of the biggest and best discounts you’ll see all year.

Some retailers are promising 80 percent discounts off top items.

Black Friday sales raked in a record $9.12 billion from online shoppers this year despite concerns about inflation and higher prices.

Inflation accounts for some of the increase this year, with people paying more to buy less.

Online sales for electronics spiked 221% on Friday compared to an average day in October, with top sellers including Apple MacBooks and watches.

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