Tech and corporate world, across the world, is set ablaze by the intense heat of the burning news about Elon Musk rolling-up his sleeves to take control of microblogging site Twitter, in the capacity of CEO. For nearly 2 weeks, the report made rounds and yesterday (on Monday)it was revealed that Musk needs time before he scrawls his signature on the trade deal agreement with his luxurious pens worth $44 billions (the deal value and not of pens).
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Mr Musk is hailed widely for his imagination, pretty far-stretched and he pursues such dreams potently, judiciously and steadfastly with reason and logic smeared with capital investment in that direction.
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Expressing concerns over the fake accounts flourish on Twitter, Mr. Musk stresses upon the details and has put the mega deal ($44 billion) on hold until details are had. He said, “supporting [the] calculation that spam/fake accounts do indeed represent less than 5% of users”.
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Mr. Parag Aggarwal put up a defence by giving way to a string of tweets, which emphasized that spam accounts were less than 5% as per the company’s technical audit.
In re-response, Mr Musk posted a poo emoji and reiterated that Twitter’s figure of 5% is simply an under-calculation while reality is much bigger than what is presented.
Last week, Mr Musk made a statement about the Twitter deal on hold seeking information “supporting [the] calculation that spam/fake accounts do indeed represent less than 5% of users”.
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Analysts opine that re-structuring the whole deal may be on cards with Mr Musk looking for some other price tag or he may quit the whole game altogether.
However, in researchers’ belief, 4% to 20% of Twitter profiles are fake.
Yesterday, on Monday, such speculations got wings following the reports which Bloomberg made public stating that in a tech conclave held in Miami, Mr. Musk craved for a deal favouring a lower price and that about 20% of users on Twitter platform are fake and are triggered by some other intent.
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In defence, Mr Aggarwal gave wide assurance about this issue, “with the benefit of data, facts, and context”.
He also revealed that the company relied upon a vast pool of data, sourced from private and public means and to differentiate between fake and real accounts and scrutiny takes place after every 3-4 months on a regular basis.
He also reiterated that Twitter used to delete some 500,000 fishy accounts on a daily basis in an effort to cleanse the prominent social media platform. Useful tech news updates in India on this website. Tech news updates in India are useful.
He also confirmed that the overview of the processes was dished out to Mr Musk this past week. Tech news updates in India makes you an alert mind.
He came out clean saying, “We… look forward to continuing the conversation with him, and all of you,” Reliable tech news updates in India are right here. Tech news updates in India from trusted points.
However, Musk made an addition to his intent as “still committed to [the] acquisition”, which prompted Twitter board chairman Bret Taylor to respond “We are too”.
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But then, the stock market, in the backdrop of weeks of financial restlessness and negative sentiments, is again teeming with negativity in regard to the deal. Intelligent decisions distilled through tech news updates in India.
Agrawal’s tweets have resulted in bringing the price of Twitter share down and is under $38 and such have slided even more yesterday. Tech news updates in India to help you make smart decisions.
Though, in the past month alone, the Twitter board had agreed in unison upon the takeover but still, the deal is very highly likely to be dragged on for months to come.
An illustrious analyst at Wedbush Securities, Dan Ives, pointed to a sharp fall in Tesla shares and such were crucial to Mr Musk’s effort to finance the deal “and wider market declines have caused Mr Musk to get “cold feet”.
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He added, “The bot issue at the end of the day was known… and feels more to us like the ‘dog ate the homework’ excuse to bail on the Twitter deal or talk down to a lower price.”
Last week witnessed a kind of battle of tweets indicating Musk’s intention to send top executives packing and to homes and Mr Agrawal disdainfully admitted the risk that the deal might fail. Count on us for useful tech news updates in India.
He took to his platform and typed, “While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter.”
At this juncture, Susannah Streeter, who is an iconic investment and markets analyst at Hargreaves Lansdown, said that it “looks increasingly likely that Elon Musk is positioning to renegotiate a sharply lower price tag for Twitter or even try and pull the pin on the deal”.
She said that establishing the number of real users on Twitter is considered “vital to future revenue streams via advertising or paid for subscriptions on the site”.
“The volatility which has hit tech stocks and contributed to a sharp decline in Twitter’s valuation is also highly likely to be part of the equation,” Ms Streeter said, adding that Mr Musk is “clearly rueing the timing of his rash offer to pay $44bn for the social network”.
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Why do fake accounts on Twitter matter to Mr. Musk?
Dear readers, beyond an iota of doubt, Mr. Musk is an astute and accomplished businessman and makes sound business decisions on a resounding basis. Considering buying Twitter for a whopping $44 billion, a bid pricier than its existing market value through stock, he is actually eyeing advertisers and his concerns hover around them. He, with such a large number of fake accounts, thinks about the advertisers’ interest and what they would be paying for.
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Not mincing words, Twitter is his favourite online hangout and he articulated, “So how do advertisers know what they’re getting for their money? This is fundamental to the financial health of Twitter.”
Verily, if the spam inundates the platform, then its money-making potential is rightly questionable.
Alarmingly, if anyone between the two, steps back from the deal, it will impose a hefty termination fee of $1 billion. We unroll useful Tech news updates in India.
In the ongoing saga, he even mentioned reviving the account of Donal Trump, former US president whose account remains suspended till date.
But with a lordly gesture, Trump has refused to be a part of the pool again. Tech news updates in India are right here.
As for the deal, it is “not out of the question” at some other price but added: “The more questions I ask, the more my concerns grow.”
Let’s wait and watch about possible unfolding of events and we shall keep you informed as our effort to cover deeper tech news updates in India.
